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The equipment's useful life is five years. There is no residual value.
Record depreciation for this year and then determine the equipment's
book value.
Journalize the adjusting entry needed at December
31, 2014, for each situation. Consider each fact separately
E3-23A
The adjusted trial balance of
Homemade HamsHomemade Hams,
Inc., follows.
Homemade Hams, Inc.
Adjusted Trial Balance
31-Dec-14
Account
(Amounts in thousands)
Cash Debit
cash 4400
Accounts receivable 1,800
Inventories
2,400
Prepaid expenses
1,900
Property, plant, and equipment
16,700
Accumulated depreciation, property, plant, and equipment
Other assets 9,700
Accounts payable
Income tax payable