A Company Entered into the Following Transactions Concerning Its Computer

question 102

Essay

A company entered into the following transactions concerning its computer system.
On January 1,2012,it purchased a computer system that cost $1,480,000.The estimated useful life of the computer is 3 years and salvage value is $40,000.Straight-line depreciation is to be used.On January 1,2013,the company determined that the estimated useful life of the computer would be 4 years instead of 3 years.The estimated salvage value will only be $10,000.
a.Prepare the journal entry to record depreciation expense for 2012.
b.Prepare the journal entry to record depreciation expense for 2013.

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Definitions:

High-Fiber Foods

Foods rich in dietary fiber, such as fruits, vegetables, and whole grains, which are important for digestive health and can help prevent constipation.

Whole Grain Breads

Breads made from the entire kernel of grain, including the bran, germ, and endosperm, offering higher nutritional value.

Bran Pancakes

Pancakes made with bran, the outer layer of whole grains, known to be high in dietary fiber and beneficial for digestive health.

Peptic Ulcer Disease

A condition where open sores develop on the inside lining of the stomach, upper small intestine, or esophagus due to damage caused by stomach acid and pepsin.