On April 1, Year 1, Raines Co. purchased and placed a plant asset in service. The following information is available regarding the plant asset:
Acquisition cost $130,000
Estimated salvage value $15,000
Estimated useful life 5 years
Make the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the double-declining balance depreciation method:

Question

Quizplus · Accepted Answer

The Answer of On April 1, Year 1, Raines Co. purchased and placed a plant asset in service. The following information is available regarding the plant asset:
Acquisition cost $130,000
Estimated salvage value $15,000
Estimated useful life 5 years
Make the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the double-declining balance depreciation method: