On January 1, 2022, Quick Stop, a convenience store, purchased a new soft-drink cooler. Quick Stop paid $23,000 cash for the cooler. Quick Stop also paid $730 to have the cooler shipped to its location. After the new cooler arrived, Quick Stop paid $2,410 to have the old cooler dismantled and removed. Quick Stop also paid $820 to a contractor to have new wiring and drains installed for the new cooler. Quick Stop estimated that the cooler would have a beful life of 6 years and residua \$170. Quick Stop uses the straight-line method of depreciation. Required: 1. Prepare any necessary journal entries to record the cost of the cooler. Jan. 1 (Record purchase of equipment) 2. Prepare the adjusting entry to record 2022 depreciation expense on the new cooler. Dec. 31 (Record straight-line depreciation) 3. What is the book value of the cooler at the end of 2022 ? 4. Conceptual Connection: If Quick Stop had used a useful life of 10 years and a residual value of $1,500, how would this affect depreciation expense for 2022 and the book value of the cooler at the end of 2022? Depreciation expense for 2022 Book value of the cooler at the end of 2022 Cost and Depreciation On January 1, 2022, Quick Stop, a convenience store, purchased a new soft-drink cooler. Quick Stop paid $23,000 cash for the cooler. Quick Stop also paid $730 to have the cooler shipped to its location. After the new cooler arrived, Quick Stop paid $2,410 to have the old cooler dismantled and removed. Quick Stop also paid $820 to a contractor to have new wiring and drains installed for the new cooler. Quick Stop estimated that the cooler would have a useful life of 6 years and a residual val $170. Quick Stop uses the straight-line method of depreciation. Required: 1. Prepare any necessary journal entries to record the cost of the cooler. Jan 2. P \pm 2022 depreciation expense on the new cooler. Dec (Record straight-line depreciation) 3. What is the book value of the cooler at the end of 2022 ? g 4. Conceptual Connection: If Quick Stop had used a useful life of 10 years and a residual value of $1,500, how would this affect depreciation expense for 2022 and the book value of the cooler at the end of 2022