Softrock Minerals purchased a vehicle on March 1, 2014, for cash of $32,000. It will be used
Question:
Softrock Minerals purchased a vehicle on March 1, 2014, for cash of $32,000. It will be used by the president for business purposes for four years and then sold for about $8,000. Softrock's year-end is December 31. Record the entry on March 1, 2014, and the adjusting entry required at the year-ends of 2014 and 2015.
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2014 Mar 1 Vehicle 32000 Cash 32000 To record purchase of vehicle Dec 31 Depreciation Expen...View the full answer
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