On October 1, 2021, a company purchases equipment for $72,000. The equipment is expected to be used for the next four years (48 months). What adjusting entry should the company record on December 31, 2022?
A) Debit Depreciation Expense and credit Accumulated Depreciation for $13,500.
B) Debit Depreciation Expense and credit Accumulated Depreciation for $18,000.
C) Debit Depreciation Expense and credit Accumulated Depreciation for $22,500.
D) Debit Depreciation Expense and credit Accumulated Depreciation for $4,500.
Answer: B
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Accounting
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- When treasury stock is resold at a price above cost:
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- Preferred stock:
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- When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
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