- PHL purchased a used delivery truck for $10,000 on July 1, 2019, and it was expensed as part of Vehicle Expenses. - Joan took a week off between March 24 and March 31, and the invoices for new office furniture purchases that came in during that period totaled $15,000 and were recorded in inventory by her assistant. The office furniture had arrived at PHL on March 1, 2020, and is expected to last 10 years. - PHL uses straight-line depreciation for all of its property, plant, and equipment other than vehicles (where double declining-balance depreciation is used). Aside from the items discussed above, there were no additions or disposals during the year. Property, plant, and equipment items are estimated to last for 10 years, and vehicles for five years. Joan had not recorded any depreciation expense for the 201920 year before she quit. However, depreciation charges prior to 201920 have been audited and were done correctly.

Using the above information, in accordance with aspe are the capital assets recorded correctly? If not, how can they be fixed as well please show all journal entries.

$ Pyramid Holdings Preliminary Trial Balance March 31, 2020 Dr. Cr. Cash $ 160,000 Accounts receivable 180,000 less allowance for doubtful accounts 7,200 Inventory 181,000 Inventory in Warehouse #2 50,000 Property, plant, and equipment 240,000 Accumulated depreciation-Property, plant, and equipment 21,000 Vehicles-Leased 4,000 Vehicles 120,000 Accumulated depreciation-Vehicles 25,000 Accounts payable 100,000 Accrued liabilities 55,000 Notes payable 50,000 Common shares 235,000 Retained earnings, April 1, 2019 185,000 Revenue 900,200 Cost of goods sold 290,000 Salaries 200,000 Payroll taxes 20,000 Vehicle expenses 14,200 Rent expense 65,000 Rent expense-Warehouse #2 24,000 Utilities 11,200 Income tax expense o Bad debt expense 3,600 Depreciation and amortization Other expenses 15,400 Total $1,578.400 $1,578,400 Prepared by Joan Chen, Bookkeeper o