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The year-end is December 31 for all questions. Question 1 On January 1, 2018 a Silver Mining Corp purchased a large mining truck for $754,500.
The year-end is December 31 for all questions. Question 1 On January 1, 2018 a Silver Mining Corp purchased a large mining truck for $754,500. The manufacturer advertise that the trucks normally will last for 10 years. Sliver plans on using the truck for only 4 years, after which they will likely be sold for scrap S5,000. During the year, the following transactions also occurred: January 1, 2018: Paid $15,000 to have the truck delivered to the mining site, January 1, 2018: paid $9.000 in import duties. January 1, 2018: Paid $1,500 to have company logo painted on side of the truck. January 1, 2018: Paid $4,500 to have extra safety lights installed. January 1, 2018: Paid $2,000 for repairs to the truck, and $10,000 in repairs to a building. The cause of the damage was driver error. (The driver confused reverse and forward) Required: Show all of the journal entries for 2018, including depreciation expense
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