On April 1, Year 1, Astor Corp. purchased and placed a plant asset in service. The following information is available regarding the plant asset: Acquisition cost $130,000Estimated salvage value$15,000Estimated useful life 5 yearsMake the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the straight-line depreciation method.
What will be an ideal response?
| Year 1 | ? | ? | ? |
| Dec. 31 | Depreciation Expense | 17,250 | ? |
| ? | Accumulated Depreciation | ? | 17,250 |
| Year 2 | ? | ? | ? |
| Dec. 31 | Depreciation Expense | 23,000 | ? |
| ? | Accumulated Depreciation | ? | 23,000 |
| ? | ? | ? | ? |
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Answer the following statement true (T) or false (F)
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Answer the following statement true (T) or false (F)
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