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Problem 1: On the first day of the year Hawaii Surfboards purchased surfboards for $17 000 which is to be depreciated by 20% a year. At the end of the first year the adjusting entry to record depreciation is which of the following?
Select one:
a. Debit depreciation expense surfboards $17000; Credit accumulated depreciation surfboards, $17000.b. Debit accumulated depreciation surfboards $3400, Credit depreciation expense surfboards $3400.c. Debit depreciation expense surfboards $3400, credit surfboards $3400d. Debit depreciation expense surfboards $3400, Credit accumulated depreciation surfboards $3400.
on january 1 2015 alamar corporation acquired a 40 percent interest in burks inc. for 210000. on that date burkss
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