On 10/1/17, Patton company purchased a copier for $22,500. In addition, Patton paid freight charges of $400 to have the copier delivered, sales tax $500, and purchased a case of toner and ten cases of paper for $300.

Patton estimates that the copier will last for 5 years, or approximately 1,000,000 copies. at the end of that time, the salvage value of the copier is expected to be about $3,400.

Required:

1. What is the total cost of the copier? What journal entry will Patton make on 10/1/17, assuming that all purchases are made in cash?

2. Compute the depreciation expense for 2018 (second year) and the book value of the asset at 12/31/18 after adjustments, using each of the four GAAP depreciation methods. Patton made 50,000 copies in 2017 and 210,000 copies in 2018.