On July 1st, Harding Construction purchases a bulldozer for $330,000. The equipment has a 9 year life with a residual value of $15,000. Harding uses straight-line depreciation.
(a) Calculate the depreciation expense and provide the journal entry for the first year ending December 31st.
(b) Calculate the third year's depreciation expense and provide the journal entry for the third year ending December 31st.
(c) Calculate the last year's depreciation expense and provide the journal entry for the last year.
Annual depreciation is:
Definitions:
Fish
A member of a group of aquatic, gill-bearing animals that lack limbs with digits, typically moving through water by means of fins.
Concept
A concept embodying the essential traits of what it symbolizes.
Concrete
Referring to real, tangible objects or phenomena, as opposed to abstract concepts or ideas.
Genus
A category of biological classification that ranks above species and below family, used to group species that share common characteristics.
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