eBook Cakculator Print Item Palmer Industries prepares annual financial statements and adjusts its accounts only at the end of the year. The following information is available for the year ended December 31, 2017: Required: 1. For each of the follawing situations, identify and analyze the adjustment to be recorded on December 31, 2017. Do not round intermediate calculations. If required, round your final answer to the nearest dollar a. Paimer purchased computer equipment two years ago for $15,000. The equipment has an estimated useful life of five years and an estimated salvage value of $250. Use straight ine method of depreciation. Activity Accourts Statementls) How does this entry affect the accounting equation? r a francialstatement tan is Tct atected se etEntry-ard lea e the amount taxeatr effect on a financial statement item is negative, e, a decrease, be sure to enter the answer with a minus sign, Remember: if a contra account is ncreased. it wial have the effect of decreasing the coresponding finandial statement item Balance Sheet Incoa Stockholders Assets Liabilities +Equity Revenues 2 more Check