=+PR 10-1B Allocate payments and receipts to fixed asset accounts obj. 1

✔ Land, $356,200 Mammoth Company purchased packaging equipment on January 3, 2008, for $67,500.

The equipment was expected to have a useful life of three years, or 25,000 operating hours, and a residual value of $4,500. The equipment was used for 12,000 hours during 2008, 9,000 hours in 2009, and 4,000 hours in 2010.

Instructions