A Company Entered into the Following Transactions Concerning Its Computer

question 114

Essay

A company entered into the following transactions concerning its computer system:
On January 1,2012 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:

Workplace Stereotypes

Preconceived and oversimplified beliefs about certain groups of people within a professional environment, often based on gender, age, race, or occupation.

Teamwork

The joint endeavor of a team to accomplish a shared objective or finish a task as effectively and efficiently as possible.

Minority

A segment of the population that differs from the majority in cultural, racial, religious, sexual orientation, or other characteristics, often resulting in varying degrees of discrimination or disempowerment.

Majority Members

Individuals belonging to a group that represents the largest part of a population within a particular context or setting.