Yukon Expedition Adventures After visiting Whitehorse in the summer of 2005, Cheng Liu had decided to open a tour business -Yukon Expedition Adventures (YEA) for summer visitors to the region. Since opening in 2006 they had amassed several assets and Liu had a list of these assets from last fiscal year end (exhibit 1). The General Manager needs to account for the depreciation and related events for the year using a Super T. Bi-Plane The Yukon can be a difficult terrain to explore and many visitors to Whitehorse desired to travel to the Arctic Circle in the North, which is best reached by plane. On May 15th, 2021 YEA purchased a plane using cash to provide tours to the Arctic Circle for $82,500 with an expected useful life of 20 years and $2500 residual value. The plane depreciated using the straight-line method. On August 30th the pilot YEA employed informed them they would be moving to the Caribbean to do regional flights, and as a result, Liu sold the plane for cash to a regional air carrier who offered to pay the same price YEA originally paid for it as it had only been used for a few flight hours. Riverboat The most popular activity YEA offered was a large river boat tour up the Yukon River. On July 17, 2021 $7000 of cash repairs were completed on the riverboat which did not extend the useful life. The boat had run for 400 hours this past fiscal year and the boat's useful life was estimated at 3500 running hours with a $500 residual value. The boat had a market value of $85,000 at the end of the fiscal year. Office Fixtures The business operated out of a small, rented office in downtown Whitehorse. Liu had purchased fixtures for it at the start of the year last year. The fixtures were depreciated using the straight-line method and no significant purchases, impairments or repairs had been made since they were purchased on the first day of the last fiscal year. Tour Vans Asset Case 2 YEA ran most of it's tours showing people from Whitehorse to Dawson City and to Tombstone National Park using a fleet of five vans. On December 31st they sold four vans for $80,000. During the peak season of June-August each van was driven 5000km per month, otherwise each van drove 2000km per month. Remote GPS Tracker To navigate the treacherous roads of the Yukon; a remote GPS tracker was purchased at the start of the fiscal year, two years prior. The GPS had an estimated useful life of three years at the time of purchase and had a $50 residual value. After a malfunction on an important tour, Liu decided to dispose of it because it was unreliable on January 14th of 2022. Due to the lithium content of the battery, Liu had to pay $20 to dispose of the item properly. Cell Signal Booster Liu had noticed that customers were frustrated with the lack of cell service between Whitehorse and Dawson City. She had been working on creating a system to allow customers cell phone signals to be boosted by the satellite phone equipped in each tour van. Liu was sure there was a market for this product, but had yet to solve the problem connecting the phones to the antenna. So far Liu has spent $345 on the project. Exhibit 1 List of Assets As of April 30, 2022 Long Lived Assets Office Fixtures 33,000 A/D 5,500 27,500 Remote GPS Tracker 7,500 A/D 6,667 833 Boat A/D 140,500 34,200 106,300 Asset Case Tour Vans A/D 500,000 320,050 174,950 REQUIRED As GM, record all relevant opening balances, transactions and adjusting entries in T-account form for the fiscal year ending April 30, 2022