Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Experience the convenience of getting accurate answers to your questions from a dedicated community of professionals. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

g On January 1, 2021, Leardon Inc. purchased equipment for $25,000. The company is depreciating the equipment at the rate of $1,000 per month. At January 31, 2022, the balance in Accumulated Depreciation is:

Sagot :

Zviko

Answer:

$24,000

Explanation:

The Straight line method of depreciation charges a fixed amount of depreciation. The the rate of $1,000 per month presents that the company uses straight line method.

For the balance of accumulated depreciation, we simply count the number of months from January 1, 2021 to January 31, 2022 and multiply by $1,000.

Accumulated Depreciation = 24 months x $1,000 = $24,000

At January 31, 2022, the balance in Accumulated Depreciation is $24,000.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.