What year-end adjusting entry is recorded for depreciation of the computer software? 1 answer below »
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A business bought new computer software for $57,750 at the start of the year. It decides to follow IRS rules for depreciation of computer software and thus will depreciate the software cost over three years. The straight-line method (equal amounts per year) is used. The business has not recorded any depreciation on this software during the year. What year-end adjusting entry is recorded for depreciation of the computer software?
Based on its depreciation schedules, the annual depreciation on the business’s machinery is $420,000. The business uses the straight-line depreciation method. The business recorded a machinery depreciation expense at the end of each quarter during the year, but no entry has been made for the fourth and final quarter. What adjusting entry for machinery depreciation should be recorded at year-end?