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show all work Granger Company purchased a copier for $50,000 on 9/1/20. In addition, Granger paid freight charges of $600 to have the copier delivered,
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Granger Company purchased a copier for $50,000 on 9/1/20. In addition, Granger paid freight charges of $600 to have the copier delivered, sales tax of $3,000, a case of toner for $300, and ten cases of paper for $400. Granger estimates that the copier will last for 5 years, or approximately 2,000,000 copies. At the end of that time, the salvage value of the copier is expected to be about $9,500. 1) What is the total cost of the copier? What journal entry will Granger make on 9/1/20, assuming that all purchases are made in cash? 2) Compute the depreciation expense for 2021 (second year) and the book value of the asset at 12/31/21 after adjustments, using each of the four GAAP depreciation methods that we covered in class. Granger made 100,000 copies in 2020 and 420,000 copies in 2021Step by Step Solution
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