On January 1,Imlay Company purchases manufacturing equipment costing $95,000 that is expected to have a five-year life and an estimated salvage value of $5,000.Imlay uses the straight-line depreciation method to allocate costs.The adjusting entry needed on December 31 of the first year is:
A)Debit Depreciation Expense,$9,000;credit Accumulated Depreciation,$9,000.
B)Debit Depreciation Expense,$18,000;credit Accumulated Depreciation,$18,000.
C)Debit Depreciation Expense,$90,000;credit Accumulated Depreciation,$90,000.
D)Debit Depreciation Expense,$18,000;credit Equipment,$18,000.
E)Debit Depreciation Expense,$9,000;credit Equipment,$9,000.

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The Answer of On January 1,Imlay Company purchases manufacturing equipment costing $95,000 that is expected to have a five-year life and an estimated salvage value of $5,000.Imlay uses the straight-line depreciation method to allocate costs.The adjusting entry needed on December 31 of the first year is:
A)Debit Depreciation Expense,$9,000;credit Accumulated Depreciation,$9,000.
B)Debit Depreciation Expense,$18,000;credit Accumulated Depreciation,$18,000.
C)Debit Depreciation Expense,$90,000;credit Accumulated Depreciation,$90,000.
D)Debit Depreciation Expense,$18,000;credit Equipment,$18,000.
E)Debit Depreciation Expense,$9,000;credit Equipment,$9,000.

On January 1,Imlay Company Purchases Manufacturing Equipment Costing $95,000 That