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please help with requirement 2 Pool Corporation, Inc, is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for
please help with requirement 2
Pool Corporation, Inc, is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on January 1 of Year 1 , at an invoice price of $72,000. It also paid $2,000 for freight on the equipment, $1,300 to prepare the equipment for use in the warehouse, and $800 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value of $3,300 and be used over three years or 24,000 hours. Required: 1. Record the purchase of the equipment, freight, preparation costs, and insurance on January 1 of Year 1. 2. Create a depreciation schedule assuming Pool Corporation uses the straight-line method Step by Step Solution
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