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Suppose that on January $1,$ Warnock Ltd$.$ paid cash of $\backslash (\backslash$$ $27,000\backslash )$ for computers that are expected to remain useful for four years. At the end of four years, the computers' values are expected to be zero.

Required

$1.$ Make journal entries to record $($a$)$ the purchase of the computers on January $1,$ and $($b$)$ the annual depreciation on December $31.$ Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation$-$Computer Equipment; and Depreciation Expense$-$Computer Equipment.

$2.$ Post to the accounts and show their balances at December $31.$

$3.$ What is the computers' carrying amount at December $31?$

$4.$ Which account$($s$)$ will Warnock report on the income statement for the year? Which accounts will appear on the balance sheet of December $31?$ Show the amount to report for each item on both financial statements.

Requirement $1.$ Make journal entries to record $($a$)$ the purchase of the computers on January $1$ and $($b$)$ the annual depreciation on December $31.$ Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation$-$Computer Equipment; and Depreciation Expense$-$Computer Equipment.

$1$a$.$ Record the purchase of the computer equipment. $($Record debits first, then credits. Enter explanations on the last line. Round your answers to the nearest dollar.$)$ Suppose that on January $1,$ Warnock Ltd$.$ paid cash of $\backslash (\backslash$$ $27,000\backslash )$ for computers that are expected to remain useful for four years. At the end of four years, the computers' values are expected to be zero.

Required

$1.$ Make journal entries to record $($a$)$ the purchase of the computers on January $1,$ and $($b$)$ the annual depreciation on December $31.$ Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation$-$Computer Equipment; and Depreciation Expense$-$Computer Equipment.

$2.$ Post to the accounts and show their balances at December $31.$

$3.$ What is the computers' carrying amount at December $31?$

$4.$ Which account$($s$)$ will Warnock report on the income statement for the year? Which accounts will appear on the balance sheet of December $31?$ Show the amount to report for each item on both financial statements.

$1$b$.$ Record the entry for the annual depreciation. $($Round your answers to the nearest dollar.$)$

Requirement $2.$ Post to the accounts and show their balances at December $31.($Leave unused cells blank.$)$ Suppose that on January $1,$ Warnock Ltd$.$ paid cash of $\backslash (\backslash$$ $27,000\backslash )$ for computers that are expected to remain useful for four years. At the end of four years, the computers' values are expected to be zero.

Required

$1.$ Make journal entries to record $($a$)$ the purchase of the computers on January $1,$ and $($b$)$ the annual depreciation on December $31.$ Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation$-$Computer Equipment; and Depreciation Expense$-$Computer Equipment.

$2.$ Post to the accounts and show their balances at December $31.$

$3.$ What is the computers' carrying amount at December $31?$

$4.$ Which account$($s$)$ will Warnock report on the income statement for the year? Which accounts will appear on the balance sheet of December $31?$ Show the amount to report for each item on both financial statements.

Requirement $2.$ Post to the accounts and show their balances at December $31.($Leave unused cells blank.$)$

Requirement $3.$ What is the computers' carrying amount at December $31?$ Use the table below to calculate the carrying amount of the computer equipment.

Less

Carrying amount at December $31$ Suppose that on January $1,$ Warnock Ltd$.$ paid cash of $\backslash (\backslash$$ $27,000\backslash )$ for computers that are expected to remain useful for four years. At the end of four years, the computers' values are expected to be zero.

Required

$1.$ Make journal entries to record $($a$)$ the purchase of the computers on January $1,$ and $($b$)$ the annual depreciation on December $31.$ Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation$-$Computer Equipment; and Depreciation Expense$-$Computer Equipment.

$2.$ Post to the accounts and show their balances at December $31.$

$3.$ What is the computers' carrying amount at December $31?$

$4.$ Which account$($s$)$ will Warnock report on the income statement for the year? Which accounts will appear on the balance sheet of December $31?$ Show the amount to report for each item on both financial statements.

Requirement $3.$ What is the computers' carrying amount at December $31?$ Use the table below to calculate the carrying amount of the computer equipment.

Requirement $4.$ Which account$($s$)$ will Warnock report on the income statement for the year? Which accounts will appear on the balance sheet of December $31?$ Show the amount to report for each item on both financial statements.

Begin with the Income Statement. Chose the account that Warnock Ltd$.$ will report on this statement and then, using your computations from above, enter the amount for the account you selected. Complete the table by choosing the accounts and th