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Tom’s Roadside
Burger Stand has a beginning balance in the Accumulated Depreciation -Equipment
account of $200,000. The depreciation expense for the year was $ 30,000. At the
end of the year, the balance in the Accumulated Depreciation-Equipment account
was $140,000.
Required:
1. Compute
the debit to Accumulated Depreciation for the year.
2.
What would cause Tom’s Roadside Burger Stand to debit Accumulated
Depreciation-Equipment?
7.5-1 Accumulated depletion reduces equity, as
this account is a contra-revenue account.
7.5-2 Natural resources are reported in the
Intangible Assets section of the income statement.
