On April 1,Year 1,Astor Corp.purchased and placed a plant asset in service.The following information is available regarding the plant asset:
Make the necessary adjusting journal entries at December 31,Year 1,and December 31,Year 2 to record depreciation for each year under the straight-line depreciation method.
Definitions:
KOH
Potassium hydroxide, a strong base used in various industrial and manufacturing processes, such as soap making and as an electrolyte in batteries.
Soluble
The property of a substance to dissolve in a solvent, forming a homogeneous solution at a given temperature and pressure.
AgCl
Silver chloride, a white crystalline chemical compound that is used in photographic processes and as an antiseptic.
Insoluble
A characteristic of a substance that cannot dissolve effectively in a particular solvent.
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