William Company purchased a delivery van on July 1, 2010 for 1,250,000 plus prepaid insurance for one year 5, 000. The Van had an estimated useful life of ten years and a zero residual value.

a. Give entry for the purchase of the van.

b. Give the entry record the payment for prepaid insurance.

c. Give the entry to adjust for depreciation on December 31, 2010.

d. Give the entry to adjust for expired insurance on December 31, 2010.

e. From your entries, present the current assets and the non-current assets.

f. From your entries, present the operating expense