Question

jenkins rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately. (record debits first, then credits. exclude explanations from any journal entries.) e. supplies expense 1,900 supplies 1,900 f. equipment was purchased on january 1 of this year at a cost of $140,000. the equipments useful life is five years. there is no residual value. record depreciation for this year and then determine the equipments book value. accounts debit credit f. depreciation expense—equipment 28,000 accumulated depreciation—equipment 28,000 determine the equipments book value. equipment book value =

Explanation:

Step1: Recall book - value formula

The formula for book value of an asset is $Book\ value = Cost - Accumulated\ depreciation$.

Step2: Identify cost and accumulated depreciation

The cost of the equipment is $140,000$ and the accumulated depreciation for the year is $28,000$.

Step3: Calculate book value

$Book\ value=140000 - 28000=112000$.

Answer:

$112,000$