Task 2: Quade Corporation - Preparing a Depreciation Schedule & Journalizing the Depreciation Adjusting Entry - must show work by typing in how you found the amounts for full credit. Just entering the amount gets you partial credit. (30 pts)

Quade Corportation bought a copy machine January 7^th of the current year for $2,360. It has an estimated useful life of 5 years and an estimated disposal value of $100.

Fill in the depreciation schedulefor the copy machine using the Straight Line Method .

Then using the General Journal, journalize the adjustment for depreciation at the end of year 1.

Date Cost Annual Depreciation Accumulated Depreciation Book Value

Jan 7th $ 2,360 $- $- $-

First Yr $- $- $- $-

Second Yr $- $- $- $-

Third Yr $- $- $- $-

Fourth Yr $- $- $- $-

Fifth Yr $- $- $- $-

General Journal

Date Account Name Post Ref Debit Credit

1

2

3

4

5

(1 pt) The book value of the asset after five years is $_____________.

(1 pt) Is this the same as the disposal value?YES or NO