GSU Car Purchase Price Depreciation Rate & Useful Life Excel Worksheet
Question Description
5) Show and describe the effects on the Income Statement and Balance Sheet of:
– A car that was purchased in September 2017 for 50,000 USD with a Straight-line depreciation over 7 years
– The car was damaged in December 2017 and the salvageable value is 3,000 USD
– Show the entries for September, October, and December 2017
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