On January 1,Year 1,Naples Purchased a Computer System That Cost

question 27

Essay

On January 1,Year 1,Naples 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,Year 2,Naples 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.
Prepare the journal entry to record depreciation expense for Year 1.
Prepare the journal entry to record depreciation expense for Year 2.

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Definitions:

Generalize

To draw a broad conclusion from specific instances, allowing for the application of findings in a general context.

Correlation

A statistical measure that describes the extent to which two variables change together.

Variables

Elements, features, or factors that are liable to vary or change within a study or experiment.

Representative Sample

A smaller group taken from a larger population that accurately represents the characteristics of the whole population.