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 $88,500. It also paid $4,200 for freight on the equipment, $2,400 to prepare the equipment for use in the warehouse, and $1.350 for Insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value of $4,400 and be used over three years or 29.500 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. 3. Create a depreciation schedule assuming Pool Corporation uses the double-declining-balance method. 4. Create a depreciation schedule assuming Pool Corporation uses the units-of-production method, with actual production of 9,100 hours In Year 1; 8.500 hours In Year 2: and 9.700 hours In Year 3. 5. On December 31 of Year 2 before the year-end adjustments, the equipment was sold for $28.000. Record the sale of the equipment assuming the company used the straight-line method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Create a depreciation schedule assuming Pool Corporation uses the units-of-production method, with actual production of 9,100 hours in Vear 1; 3,500 hours in Year 2; and 9,700 hours in Year 3. (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Year 1 Depreciation Accumulated Net Book Expense Depreciation Value S 27,979s 27.9795 67.121 25.134 54,113 40.987 36,587 90.700 X 4.400 2 3 Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporati purchased for cash new loading equipment for the warehouse on January 1 of Year 1. at an Invoice price of $88,500. It also pald $4,200 for freight on the equipment. $2,400 to prepare the equipment for use in the warehouse, and $1,350 for Insurance to cover equipment during operation In Year 1. The equipment was estimated to have a residual value of $4.400 and be used over three year or 29,500 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. 3. Create a depreciation schedule assuming Pool Corporation uses the double-declining-balance method. 4. Create a depreciation schedule assuming Pool Corporation uses the units-of-production method, with actual production of 9.100 hours In Yeart: 8.500 hours In Year 2: and 9.700 hours In Year 3. 5. On December 31 of Year 2 before the year-end adjustments, the equipment was sold for $28.000. Record the sale of the equipme assuming the company used the straight-line method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 On December 31 of Year 2, the equipment was sold for $28,000. Record the sale of the equipment assuming the company used the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answer to nearest whole dollar.) No Date General Journal Credit 1 December 31 Cash Accumulated depreciation Loss on disposal of equipment Equipment Debit 28.000 80.486 6,634 95.100 2 December 31 Cash Accumulated depreciation Loss on disposal of equipment Equipment OOOO 28.000 60,467 6,633 95.100
