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What the adjustment was made as of december

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Reference no: EM133002548

Started the company when it acquired $32,000 cash from the issue of common stock.

  1. Earned $45,000 in cash revenue.
  2. Purchased a new cooktop that cost $31,000 cash.
  3. Paid $29,000 cash for salaries expense.
  4. Paid $8,300 cash for operating expenses.
  5. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected useful life of six years and an estimated salvage value of $4,000.

Problem 1: Use straight-line depreciation, The adjustment was made as of December 31, Year 1.

Reference no: EM133002548

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