Yakima Co. purchased equipment on May 1 2016 for $7704. The company expects to use the equipment for 6 years. It has no salvage value.
1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared (annual depreciation is $1284)?
2. What is the book value of the equipment at May 31 2016?

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The Answer of Yakima Co. purchased equipment on May 1 2016 for $7704. The company expects to use the equipment for 6 years. It has no salvage value.
1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared (annual depreciation is $1284)?
2. What is the book value of the equipment at May 31 2016?

Yakima Co Purchased Equipment on May 1 2016 for $7704