On August 31, 2013, Joseph bought a new convertible with cash at a cost of $120,000. Joseph planned to use the car for 2 years and he originally expected to sell the car on August 31, 2015 for $60,000. On August 31, 2014, he changed the estimated selling price to $54,000. Assume straight-line depreciation (4 marks) give me the journal entries for august 31 2014 and december 31 2014

instructions

For each situation, help Josephs new accountant prepare the original journal entry (entries) for the year 2013. If the transaction requires adjusting entry at the end of 2013, prepare the adjusting entry on December 31, 2013 as well. Finally, prepare any subsequent journal entry (entries) or adjusting entry for the year 2014 and on December 31, 2014. Remember to recognize the transactions at the most appropriate date and to label the date of the journal entries. No explanation is necessary.