St Chair's College is a private college locates in Windsor in Ontario. Its annual financial year ends on December $31.$

The following information relates to the polygraphs $($lie detectors$)$ which the college bought to test and verify whether students cheat during the final examination.

The lie detectors bought were:

Item

A

B&C

D

E

Date of Purchase

$2015$ January $1$

$$6,000$

$2016$ July $1$

$$7\mathrm{.}200$ each

$2017$ October $1$

$$7,800$

$2018$ November $1$

Purchase cost $($$$)$

$$14,400$

Because of severe usage during exams, lie detector A was scrapped on March $31,2017$ while lie detector C was sold at $$5,000$ on September $30,2018.$ Depreciation is over $6$ years $($with zero residual value$),$ using the straight$-$line method, polygraphs being depreciated for the proportion of the year that they are owned.

You are required to show:

$1.$ The Polygraphs Account from Dec $31,2015,$ to Dec $31,2018.$

$2.$ The Allowance for Depreciation account from Dec $31,2015,$ to Dec $31,2018.$

$3.$ The Balance Sheet extract $($Fixed Assets portion$)$ from Dec $31,2015,$ to Dec $31,2018.$

$4.$ Dispoal Account of Polygraph A on March $31,2017.5.$ Dispoal Account of Polygraph Con September $30,2018.$

Make proper accounts.

Answer rating: 100% (QA)

1 Polygraph Account from Dec 31 2015 to Dec 31 2018 Date Description Cost Depreciation Expense Accum... View the full answer