Please help wth the straightline depreciation Do Itl Review

Please help wth the straight-line depreciation.

Do Itl Review 9-2a On January 1, 2017, Salt Creek Country Club purchased a new riding mower for?15,700. The mower is expected to have a 10-year life with 52,400 salvage value. what journal entry would Sait Creek make on December 31, 2017, if it uses straight-line depreciation? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Solution

$ Cost of new riding mower               15,700 Less: Expected salvage value               (2,400) Amount to be depreciated over the period of 10-year life               13,300 Annual depreciation under stright-line method = {$ 13,300/ 10 years}                 1,330 Journal entry for depreciation date Account\'s tittle Debit $ Credit $ 2017 31-Dec Depreciation expenses                 1,330 Accumulated depreciation-new riding mower                 1,330 ( To be record annual depreciation for the year 2017 )