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What is the accumulated depreciation and the depreciation expense of the Truck using this data: Dec. 01, 2019 Miller Delivery Service Inc began operations by
What is the accumulated depreciation and the depreciation expense of the Truck using this data:
Dec. 01, 2019 | Miller Delivery Service Inc began operations by receiving $35,000 cash and a truck with a fair market value of $25,000, salvage value of 1,000, and a 5 year Useful life from Robert Miller. The business issued miller 40,000 shares of the $1 Par common stock in exchange for this contribution. | |
Dec. 02 | Paid $1,000 cash for a four-month insurance policy. This policy begins December 1st. | |
Dec. 03 | Paid $600 cash for office supplies. | |
Dec. 05 | Performed delivery services for a customer and received $2,000 cash. | |
Dec. 07 | Completed a delivery job, billed the customer for $2,500 and received a promise to collect the $2,500 within one week. | |
Dec. 08 | Start writing a Bond contract to raise $100,000 for more trucks and a garage type building to hold them in. | |
Dec. 09 | Purchased $300 of fuel for the truck, on account. | |
Dec. 12 | Received $45,000 cash for performing delivery services. | |
Dec. 13 | Collected $800 in advance for delivery services to be performed later. | |
Dec. 15 | Collected $1,500 cash from a customer on account. | |
Dec. 18 | Paid employee salary, $2,000. | |
Dec. 21 | Issued $100,000, 5%, 10 year Bonds @ 105. Interest to be paid Jun 30 & Dec 30 each year starting in June of next year. | |
Dec. 22 | Performed delivery services on account for $700. | |
Dec. 23 | Paid office rent of 1,600 for the month of December. | |
Dec. 25 | Purchased a Lot of land with a Fair market value of 40,000, and a building with a Fair Market Value of 120,000 paying a total of $150,000 in cash for both. | |
Dec. 27 | Submitted an order to purchase two more trucks with an estimated purchase price of $35,000 each. | |
Dec. 28 | Paid $300 on account. | |
Dec. 30 | Cash dividend of $3,000 was paid to stockholders. Since there is only one stockholder, there is no Declaration or Record Date for this transaction. |
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