Prepare all necessary journal entries for 2024, 2025, and 2026 related to each of the following scenarios:

On June 1, 2024, Cheyenne Opportunity Ltd. ("CO") purchased a piece of equipment for $30,960. At the time, management determined that the equipment would have a residual value of $2,880 at the end of its six-year life. CO has a December 31 year-end and uses the double-diminishing-balance method for depreciation of equipment.

Assume the same facts as in part (a) except that CO uses the double-diminishing-balance method for depreciation of equipment.

(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is

entered. not indent manually. If no entry is required, select "NO Entry" for the account titles and enter O for the amounts. Round the

percentage rate to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 125. List all debit entries before credit entries.

Date Account Titles and Explanation Debit Credit

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