Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Plant and Equipment Item Machine A Machine B Estimated Sales Value at End of Estimated Useful Life $ 0 Machine C Date of Purchase a. Jan. 1 b. Apr. 1 c. Nov. 1 Cost $107,000 86,000 43,500 Estimated Useful life 5 years 4 years 2 years 4,400 3,900 Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item.

Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Plant and Equipment Item Machine A Machine B Estimated Sales Value at End of Estimated Useful Life $ 0 Machine C Date of Purchase a. Jan. 1 b. Apr. 1 c. Nov. 1 Cost $107,000 86,000 43,500 Estimated Useful life 5 years 4 years 2 years 4,400 3,900 Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item.

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Description: Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow:Plant andEquipmentItemMachine AMachine BEstimated Sales Valueat End of EstimatedUseful Life$ 0Machine CDate ofPurchasea. Jan. 1b. Apr. 1c. Nov. 1Cost$107,0008

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter12: Capital Investment Analysis

Section: Chapter Questions

Problem 7E

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