On June 30, 2018, Someday Lanes installed automatic sprinkler systems. The electrical work for the installation was
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On June 30, 2018, Someday Lanes installed automatic sprinkler systems. The electrical work for the installation was $24,000. The invoice price of the sprinkler equipment was $280,000. Additional costs were $5,000 for delivery and $800 for insurance during transportaƟon. During installation, a sprinkler line was punctured and was replaced for $200. Equipment is estimated to have 5-year life with 9,800 at the end of its life
(1)What is the cost of the sprinkler equipment?
(2)Prepare require journal entries to record the transactions.
(3) Calculate Depreciation for December 31, 2018, using the double declining balance method
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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