Hamilton uses the diminishing balance method at one times the straight-line depreciation rate. The company y purchased d

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Hamilton Uses The Diminishing Balance Method At One Times The Straight Line Depreciation Rate The Company Y Purchased D 1 (26.32 KiB) Viewed 45 times

Hamilton uses the diminishing balance method at one times the straight-line depreciation rate. The company y purchased delivery equipment on March 1, 2019 for $130,000 cash. At that time, the equipment was estimated to have a useful life of 5 years and a residual value of $10,000. The equipment was disposed of on November 30, 2021. The company has an August 31 year end and makes adjusting entries annually. A) Record the acquisition of the equipment on March 1, 2019 B) Record depreciation on August 31, 2019, 2020 and 2021 C) Record the disposal of the equipment on November 30, 2021 under the following assumptions a. It was sold for $60,000 b. It was sold for $80,000 C. It was retired for a value of $0.