Kwan Corp. started operations on January 1, 2011. It is now December 31, 2011: the end of the fiscal year. The part-time bookkeeper needs your help to analyze the following three transactions:

a. On January 1,2011, the company purchased a special machine for a cash cost of \(\$ 15,000\). The machine has an estimated useful life of 10 years and no residual value.

b. During 2011, the company purchased office supplies that cost \(\$ 1,800\). At the end of 2011 , office supplies worth \(\$ 400\) remained on hand.

c. On July 1,2011 , the company paid cash of \(\$ 900\) for a one-year premium on an insurance policy on the machine. Coverage began on July 1, 2011.

Required:

Complete the following schedule of the amounts that should be reported for 2011 :

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Selected Statement of Financial Position Amounts at December 31, 2011 Assets Equipment Accumulated depreciation Carrying amount of equipment Office supplies inventory Prepaid insurance Selected Income Statement Amounts for the Year Ended December 31, 2011 Expenses Depreciation expense Office supplies expense Insurance expense Amount to Be Reported $