On April Year Astor Corp purchased and placed a plant

Question

On April 1, Year 1, Astor Corp. purchased and placed a plant asset in service. The following information is available regarding the plant asset:

Acquisition cost	$130,000
Estimated salvage value	$15,000
Estimated useful life	5 years

Make the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the straight-line depreciation method.

Answer

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