On April 1,Year 1,Astor Corp.purchased and placed a plant asset in service.The following information is available regarding the plant asset:
$$\begin{array} { l l }
\text { Acquisition cost } & \$ 130,000 \
\text { Estirnated salvage value } & \$ 15,000 \
\text { Estimated useful life } & 5 \text { years }
\end{array}$$
Make 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.

Question

On April 1,Year 1,Astor Corp.purchased and placed a plant asset in service.The following information is available regarding the plant asset:
 $$\begin{array} { l l } 
\text { Acquisition cost } & \$ 130,000 \
\text { Estirnated salvage value } & \$ 15,000 \
\text { Estimated useful life } & 5 \text { years }
\end{array}$$ 
Make 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.

Quizplus · Accepted Answer

The Answer of On April 1,Year 1,Astor Corp.purchased and placed a plant asset in service.The following information is available regarding the plant asset:
 $$\begin{array} { l l } 
\text { Acquisition cost } & \$ 130,000 \
\text { Estirnated salvage value } & \$ 15,000 \
\text { Estimated useful life } & 5 \text { years }
\end{array}$$ 
Make 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.

On April 1,Year 1,Astor Corp Make the Necessary Adjusting Journal Entries at December 31,Year 1,and