03 Feb Q1. Equipment costing $400,000 has an estimated us
Q1. Equipment costing $400,000 has an estimated useful life of five years and a residual value of $50,000. Record depreciation expense, accumulated depreciation, and book value in the chart below for each year of the five-year useful life using the straight-line method of depreciation. Q2. Record amounts reported on the income statement and the balance sheet over a six-year period in the chart below.