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please don't scan it on pdf because sometimes it's not that clear. And have neat handwriting. thank you. 1. On January 1, 2020 Willow Corporation
please don't scan it on pdf because sometimes it's not that clear. And have neat handwriting. thank you.
1. On January 1, 2020 Willow Corporation purchased a truck for 50,000 cash. Along with the purchase Willow paid for the following in cash: Sales tax $2,000; Delivery charges $1,000 and customization charges $5,000, Required: Record the purchase of the Truck in the journal and post it to the ledger A) On January 1, 2020 Elm Corporation purchased a machine for $100,000 on account. Elm uses straight line depreciation and estimates a two-year life. Elm disposes of the machine for $0 on January 1, 2022. Required: Record the journal entries for January 1, 2020, December 31, 2020 and 2021 and January 1, 2022. Post the entries to the ledger. B) On January 1, 2020 Magnolia Corporation purchases equipment for $10,000cash. Magnolia estimates a two-year life and a $2,000 salvage value. They use straight line depreciation. Magnolia sells the Equipment for $2,000 cash on January 1, 2020. Required: Prepare the appropriate Journal entries for January 1, 2020. December 31. 2020 and December 31, 2020, and January 1, 2022. Post the entries to the ledgerStep by Step Solution
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