S
Shawnta E
Guest
On July 1, 2007, Red Gate Farm buys a combine for 100,000 in cash. assume that the combine is expected to have a seven-year life and an estimated salvage value of 16,000 at the end of that time.
prepare the journal entry to recor the purchase of the combine on july 1, 2007.
compute the depreciable cost of the combine.
using the straight-line method compute the monthly depreciation.
prepare the adjusting to entry to record depreciation at the end of july 2007
compute the combine's carrying value that will be shown on red gate balance sheet prepared on december 31 ,2007
prepare the journal entry to recor the purchase of the combine on july 1, 2007.
compute the depreciable cost of the combine.
using the straight-line method compute the monthly depreciation.
prepare the adjusting to entry to record depreciation at the end of july 2007
compute the combine's carrying value that will be shown on red gate balance sheet prepared on december 31 ,2007