Business, 06.12.2021 21:40 hahaiwannadie

Presented below is information related to equipment owned by Splish Company at December 31, 2020. Cost (residual value $0) $9,039,900
Accumulated depreciation to date 1,004,500
Value-in-use 5,472,200
Fair value less cost of disposal 4,368,860

Assume that Splish will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Splish uses straight-line depreciation.

Required:
Prepare the journal entry (if any) to record depreciation expense for 2021.

Answers: 1

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Presented below is information related to equipment owned by Splish Company at December 31, 2020....