City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $29,900. In addition, City pald sales tax and title fees of $1,390 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,660. Required a. Using the straight line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3. for $24.654. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3 57 Complete this question by entering your answers in the tabs below. Rega Reg Band Using the straight-line method, compute the depreciation expense for Year 1 and Year (Round your answers to the nearest whole dollar amount.) Year 2 Year 1 $4.926 Depreciation expense Req Reg Band C > City Taxi Service purchased a new auto to use as a taxi on January 1. Year 1. for $29.900. In addition, City paid sales tax and title fees of $1,390 for the vehicle. The taxi is expected to have a five year life and a salvage value of $6,660, Required 6. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2 b& c. Assume that the taxi was sold on January 1 Year 3 for $24,654. Prepare the general Journal entries to record the Year 1 depreciation and sale of the taxi In Year 3 32 Complete this question by entering your answers in the tabs below. Reg A Reg Band Assume that the taxi was sold on January 1, Year 3, for $24,654. Prepare the general Journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. (If no entry is required for a transiction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record depreciation expense. Note: Enter debits before credits General Journal Date Year 1 Debit Credit Due 10.28 211 Colorado Mining paid $582,100 to acquire a mine with 804,000 tons of coal reserves. The horizontal statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 422,100 tons of coal in Year 1 and 361,800 tons in Year 2 Required o. Compute the depletion charge per unit. b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one c. Prepare the general Journal entries to record the depletion expense for years 1 and 2 9 Complete this question by entering your answers in the tabs below. Required A Required B Required Compute the depletion charge per unit. (Round your answer to two decimal places) Doplotion charge per unit 10-28-21 Sowd Help Save & Colorado Mining paid $582100 to acquire a mine with 804,000 tons of coal reserves. The horizontal statements model reflects Colorado Mining's financial condition just prior to purchasing the coat reserves. The company extracted 422,100 tons of cool in Year 1 and 361800 tons in Year 2 Required o. Compute the depletion charge per unit b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one c. Prepare the general Journal entries to record the depletion expense for years 1 and 2 Complete this question by entering your answers in the tabs below. Required A Required B Required Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a horizontal statements model. (In the Statement of Cash Flows column, use operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to no with a minus sign.) COLORADO MINING Horizontal Statements Model Balance Sheet Income Statement Assets Stockholders' Equity Statement of Cash Flows Net Income Liabilities Expenses Revenue Retained Earnings Cash Common Stock + Coal Reserves 783 400 783.400 + Deplotion for Year 1 Depletion for Year 2
