Wheels and More Company purchased equipment for $108,000. The equipment has an estimated useful life of eight years and will be worthless at the end of that time. In the partial balance sheet below, show exactly how the equipment should be disclosed after it has been used for five years. Also calculate total assets.

Wheels and More Company Partial Balance Sheet December 31, 2014
Cash	$54,000
Prepaid rent	18,000
Equipment
	____ __
Total assets	$___ __

Your Answer:

108,000.00 / 5 = 21,600/ 12 = 1800.

18,000.00+1,800.00 = 19,800.00

Total Assest= 34,200.00