1. The Minnie Company purchased a machine on 7/1/16 for $11800. The machine has an estimated 12-year life and an estimated $10000salvage value
   1. What is the required adjusting entry at 12/31/16?
   2. What is the book value at 12/31/16?
   3. What is the required adjusting entry at 12/31/17?
   4. What is the book value at 12/31/17?
2. The Donald Company purchased office furniture on 3/31/14 for $50000. The useful life of this furniture is estimated as 10 years, and it is expected to have a $2000 salvage value at the end of the useful life.
   1. What is the annual depreciation expense?
   2. What is the monthly depreciation expense?
   3. What is the required adjusting entry at 12/31/14?
   4. What is the book value at 12/31/17?

1. The Daisy Company purchased retail fixtures on 9/1/15 for $77500 for a new store in Orlando, FL. They estimate these fixtures will have a salvage value of $2500 at the end of their useful life, which is estimated as 4 years.
   1. What is the required adjusting entry at 12/31/15?
   2. What is the book value at 12/31/15?