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Keely Company purchased some office furniture for USD 29,760 cash on 2009 March 1. It also paid USD 480 cash for freight costs incurred. The
Keely Company purchased some office furniture for USD 29,760 cash on 2009 March 1. It also paid USD 480 cash for freight costs incurred. The furniture is being depreciated over four years under the straight-line method, assuming a salvage value of USD 1,440. The company employs a calendar-year accounting period. On 2010 July 1, it spent USD 192 to refinish the furniture. Prepare journal entries for the Keely Company to record all of the data, including the annual depreciation adjustments through 2010.
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