On August 7, Green River Inflatables Co. paid $1,675 to install a hydraulic lift and $40 for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter expenditures.
Answer to relevant QuestionsOn February 14, Garcia Associates Co. paid $2,300 to repair the transmission on one of its delivery vans. In addition, Garcia Associates paid $450 to install a GPS system in its van. Journalize the entries for the ...Equipment acquired at the beginning of the year at a cost of $280,000 has an estimated residual value of $45,000 and an estimated useful life of 16 years. Determine (a) The double-declining-balance rate (b) The ...Glacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000,000 tons. During the current year, 31,500,000 tons were mined and sold.a. Determine the depletion rate.b. Determine the ...Jackie Fox owns and operates Platinum Transport Co. During the past year, Jackie incurred the following costs related to an 18-wheel truck:1. Changed engine oil.2. Installed a television in the sleeping compartment of the ...A building with a cost of $780,000 has an estimated residual value of $90,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (a) What is the amount of the annual depreciation? (b) ...
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