Business, 06.04.2020 22:24 Bloom247

On July 1, 2019, Ivanhoe Company purchased new equipment for $90,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipmentâs remaining useful life was 10 years, with a revised salvage value of $5,000.

Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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On July 1, 2019, Ivanhoe Company purchased new equipment for $90,000. Its estimated useful life was...

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