On 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 transmission and GPS system expenditures.
Answer to relevant QuestionsEquipment acquired at the beginning of the year at a cost of $440,000 has an estimated residual value of $25,000 and an estimated useful life of 8 years. Determine (a) The depreciable cost, (b) The straight-line rate, (c) ...A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an estimated useful life of 40 years. Determine (a) The double-declining-balance rate (b) The ...On December 31, it was estimated that goodwill of $4,000,000 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $900,000 on August 1.a. Journalize the adjusting entry on ...Quality Move Company made the following expenditures on one of its delivery trucks:Mar. 20. Replaced the transmission at a cost of $1,890.June 11. Paid $1,350 for installation of a hydraulic lift.Nov. 30. Paid $55 to change ...Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.a. Prepare the journal entry ...
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