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You make adjusting journal entries for the month of January as needed. (Start with Jour- nal no. Jan24.1.) You carefully consider the following: Math Revealed!
You make adjusting journal entries for the month of January as needed. (Start with Jour- nal no. Jan24.1.) You carefully consider the following: Math Revealed! used the straight-line method to determine depreciation expense for all fixed assets.
1. Monthly depreciation expense for the equipment purchased prior to 12/31 is $65.00. (Computer $50; Printer $7.50; Calculators $7.50) 2.Math Revealed! purchased $1,690 of furniture on 1/2. You expect the furniture to last 8 years, with a $250 salvage value. You take a full month depreciation on the furniture.
3. Two computers ($1,260) and six calculators ($312) were also purchased on 1/2. You expect the computers to have a 3-year life (no salvage value) and the calculators to have a 4-year life (no salvage value). You take a full month depreciation on the equipment.
4. On 1/30, shelving was installed. The cost of the shelving was $820. You expect the shelving to last for the term of the lease (24 months). You estimate the salvage value at $100 at the end of the 2 years. You started using the shelving on February 1.
5. The insurance policy premium paid in January was $480. The policy term is 1/1-12/31/24.
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