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Question - The corporation purchased a new van and had the company logo painted on it. A Royal Bank of Canada Term Plan Loan financed $25,000 of the total $35,000 before tax purchase price at an interest rate of 9.25%. The company has adopted the policy of declining balance method over the useful life of the van including the effect of salvage value, if any, with one month of amortization to be taken in the month of acquisition. The van is expected to last eight years and sell at that time for $5,000. All other assets are expected to last 10 years based on straight-line method, with no residual value. Items over $300 are considered to be capital assets. Incorporation costs are amortized over three years beginning in January 2, 2021. Create journal entries.
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