Business, 04.07.2020 01:01 kbkbkbkb7611

For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.

Assume no other adjusting entries are made during the year.

Case 1: The Krug Company's Accumulated Depreciation account has a $1 7,500 balance to start the year. A review Of depreciation schedules reveals that $19,400 Of depreciation expense must be recorded for the year.
Case 2: The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $52,000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years.
Case 3: The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost S48,000, had an estimated life of 7 years, and is expected to be valued at $8,800 at the end of the 7 years.

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For each separate case below, follow the three-step process for adjusting the Accumulated Depreciati...

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