Exhibit 11-03
On January 1, 2016, Wheeler, Inc. purchased some equipment for $3,900. The equipment had an estimated life of five years and an expected residual value of $200. On July, 1, 2018, the equipment was sold for $1,000. Wheeler uses straight-line depreciation.
-Refer to Exhibit 11-03, what is the amount of depreciation expense that needs to be brought up to date prior to the sale?

Question

Quizplus · Accepted Answer

The Answer of Exhibit 11-03
On January 1, 2016, Wheeler, Inc. purchased some equipment for $3,900. The equipment had an estimated life of five years and an expected residual value of $200. On July, 1, 2018, the equipment was sold for $1,000. Wheeler uses straight-line depreciation.
-Refer to Exhibit 11-03, what is the amount of depreciation expense that needs to be brought up to date prior to the sale?

Exhibit 11-03 on January 1, 2016, Wheeler, Inc. Purchased Some Equipment for Equipment