13 After completing Chapter 6, describe (in 100-200 words) the purpose of Depreciation (and Amortization and Depletion) and identify the Generally Accepted Accounting Principle(s) or Concepts that require this treatment for Long-Term Assets. After posting your response, respond to one other person's posting. Participation in this discussion is worth 12.5 points. on Respond to the discussion prompt by Thursday (11:59 PM) and reply to another student by Sunday (11 59 PM) PROBLEM 7-29 a. (1) Cash paid for interest: $70,000 % /12 = $ 14" (2) Interest Expense: 70,00 ".it/i a 20,000.0%.ali2 : $1400 x2%x,/12= $ $ 200 xa%2 /12 =-11100 Total Interest Expense $200 5 (3) Warranty Expense: $ ayo,," x1 %-$ 2400 b. Interest Payable Sales Tax Payable 6.1 200 43 1U800 -14700 Bal. 2100 Bal. 1$ x 96x /12 = $ Warranty Payable Notes Payable 7. 400-3l00 Bal. 300 6. Bal. Ripley Company Current Liabilities $ 3 WarrAnry expense 200 13 After completing Chapter 6, describe (in 100-200 words) the purpose of Depreciation (and Amortization and Depletion) and identify the Generally Accepted Accounting Principle(s) or Concepts that require this treatment for Long-Term Assets. After posting your response, respond to one other person's posting. Participation in this discussion is worth 12.5 points. on Respond to the discussion prompt by Thursday (11:59 PM) and reply to another student by Sunday (11 59 PM) PROBLEM 7-29 a. (1) Cash paid for interest: $70,000 % /12 = $ 14" (2) Interest Expense: 70,00 ".it/i a 20,000.0%.ali2 : $1400 x2%x,/12= $ $ 200 xa%2 /12 =-11100 Total Interest Expense $200 5 (3) Warranty Expense: $ ayo,," x1 %-$ 2400 b. Interest Payable Sales Tax Payable 6.1 200 43 1U800 -14700 Bal. 2100 Bal. 1$ x 96x /12 = $ Warranty Payable Notes Payable 7. 400-3l00 Bal. 300 6. Bal. Ripley Company Current Liabilities $ 3 WarrAnry expense 200