Compute the following:

a1.Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank.

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a1.

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a2.Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life.

Book Value

$

b.DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous Monday, December 29. Prepare the adjusting entry on December 31. Omit explanations. If an amount box does not require, leave it blank.

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Dec. 31

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Question 2

a1.Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank.

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a1.

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a2.Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life.

Book Value

$

b.Zip Company pays its employees every Friday. On January 4, 20--, the Company paid $2,200 for the 5 days beginning the previous Monday, December 31. Prepare the adjusting entry on December 31. Omit explanations. If an amount box does not require, leave it blank.

Question 3

An asset costs $33,000. It has an expected useful life of 5 years and an expected salvage value of $3,000. Depreciation expense for the first year of the asset's life using the straight-line method is

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December 31

fill in the blank ------------_2

fill in the blank ----------3

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2

fill in the blank ---------------5

fill in the blank -----------6

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