Use the plant asset records from Work Together 8-1. Depreciation tables and a general journal are provided in the Working Papers. Your instructor will guide you through the following examples.

1. Complete the depreciation table for each asset using the straight-line depreciation method. If the asset was not purchased at the beginning of 20X1, compute the depreciation expense for the part of 20X1 that the company owned the asset.

2. Complete each plant asset record for 20X1 through 20X4.

3. Journalize the adjusting entries to record depreciation expense for 20X1.

Data from Work Together 8-1

Depreciate all plant assets using the straight-line method. Plant asset records, a general journal, and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as: check, C; memorandum, M.
Your instructor will guide you through the following examples.

Transcribed Image Text:

Jan. 3. Paid cash for scanner (plant asset no. 162), $600.00: no estimated salvage value; estimated useful life, three years; serial no. V2GR34. C310. Jan. 5. Bought freight scale (plant asset no. 163) on account from Trent, Inc., $2,800.00: estimated salvage value, $400.00; estimated useful life, five years; serial no. GY52232B. M61. Feb. 27. Paid property taxes on real property with an assessed value of $215,000.00. The tax rate in the city where the property is located is 3.5% of assessed value. C389.