Acadia Inc. owns the following long-lived assets:

Instructions
(a) Prepare depreciation adjusting entries for each asset for the year ended December 31, 2018, assuming the company uses straight-line depreciation and adjusts its accounts annually.
(b) For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2018.
Prepare adjusting and subsequent entries for accruals.

Transcribed Image Text:

Date Purchased Estimated Useful Life 3 years 5 years Asset Cost Vehicles Jan. 1, 2017 $33,000 15,000