It also paid 1500 for freight on equipment 1000 to

Reference no: EM13571984

Smith Corporation purchased for cash new loading equipment for the warehose on January 1. 2014, at invioce of $80000. It also paid $1500 for freight on equipment , $ 1000 to prepaire the equipment for use in warehouse, and $750 for insurance to cover the equipment during operation in 2014. the equipment was estimated to have a residual value of $ 3300 and used over 3 years or 24.000.

Submit your answers in an excel. Please create on answer:

1. Record the purchase of equipment , freight, preparation cost, insurance on January1,2014

2. Create a depreciation schedule assuming Smith Corporation uses the straigth-line method

3. create a depreciation schedule assuming Sminth Corporation uses the double-declining balance method . round to nearest dollar

4. on December 31. 2015 the equipment was sold for $22500 . record the sale of the equipment assuming the company used straight-line method

Reference no: EM13571984

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