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Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2021 For Three Months Ended March 31, 2022 Office equipment $

Selected ledger account balances for Business Solutions follow.

For Three Months Ended December 31, 2021 For Three Months Ended March 31, 2022
Office equipment $ 7,100 $ 7,100
Accumulated depreciationOffice equipment 355 710
Computer equipment 18,000 18,000
Accumulated depreciationComputer equipment 1,125 2,250
Total revenue 31,684 45,000
Total assets 83,160 120,968

Required:

  1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2022. Compute amounts for the year ended December 31, 2022, for Depreciation expenseOffice equipment and for Depreciation expenseComputer equipment (assume use of the straight-line method).
  2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment as of December 31, 2022?
  3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2022.

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