Homework Help: Accounting

Posted by Laura on Friday, July 28, 2006 at 1:29am.

On January 1, 2006, Mythical purchased some office equipment, paying $24,000. It is anticipated that the equipment will last 4 years and have a zero salvage value at the end of the four years.

1) Make the adjusting entry for depreciation at the end of year two using the straight-line method.
2) Make the adjusting entry at the end of year two using the double declining balance.

Assume that Mythical purchased a new copy machine, paying $10,000. It is estimated that the machine will produce 100,000 copies and then be worthless. In year two, the machine was used to make 4,000 copies. Make the adjusting entry to record depreciation expense.

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