Reference no: EM132525298
Question - Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on January 1 of Year 1, at an invoice price of $99,000. It also paid $5,600 for freight on the equipment, $3,100 to prepare the equipment for use in the warehouse, and $1,700 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value of $5,100 and be used over three years or 33,000 hours.
Required -
Q1. Record the purchase of the equipment, freight, preparation costs, and insurance on January 1 of Year 1.
Q2. Create 1 depreciation schedule assuming Pool Corporation uses the straight-line method.
Q3. Create 1 depreciation schedule assuming Pool Corporation uses the double-declining-balance method.
Q4. Create 1 depreciation schedule assuming Pool Corporation uses the units-of-production method, with actual production of 9,800 hours in Year 1; 9,200 hours in Year 2; and 10,400 hours in Year 3.
Q5. On December 31 of Year 2 before the year-end adjustments, the equipment was sold for $31,500. Record the sale of the equipment assuming the company used the straight-line method.
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