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Problem - Capital Expenditure and Depreciation

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Reference no: EM132682147

Problem - Capital Expenditure and Depreciation

Viking Company purchased and installed carpet in its new general offices on June 30 for a total cost of $15,000. The carpet is estimated to have a 12-year useful life and no residual value.

Required -

a. Prepare the journal entries necessary for recording the purchase of the new carpet.

b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Viking Company uses the straight-line method.

Reference no: EM132682147

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