Suppose on January 1 Alvin's Tavern prepaid rent of $22,800 for the full year. At July 31, how much rent expense should be recorded for the period January 1 through July 31? At July 31, Alvin's Tavern should record $ of rent expense. On May 1, Hampton Gold Exchange paid cash of $114,000 for computers that are expected to remain useful for five years. At the end of five years, the value of the computers is expected to be zero. Read the requirements. Requirement 1. Calculate the amount of depreciation for the month of May using the straight-line depreciation method. Begin by selecting the labels, than enter the amounts and compute the amount of depreciation for the month of May. (Abbreviation used; Acc. Depreciation = Accumulated Depreciation. Enter a "0" for any zero balances.) 12 months = Straight-line depreciation ( ( 12 months = Requirement 2. Record the adjusting entry for depreciation on May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit May 31 Requirement 3. Post the purchase of May 1 and the depreciation on May 31 to T-accounts for the following accounts: Computer Equipment, Accumulated DepreciationComputer Equipment, and Depreciation ExpenseComputer Equipment. Show their balances at May 31. (Use dates as posting references to post the transactions. Use a "Bal." posting reference to show the ending balance of each account.) Computer Equipment Accumulated Depreciation-Computer Equipment Depreciation Expense-Computer Equipment Requirement 4. Calculate the computer equipment's book value at May 31. Book value of plant assets: Less: Book value of computer equipment