umuc acct220 week 1 homework to week 6 homework latest 2016 feb

| March 29, 2017

Question
week 1

There are two problems on this assignment. Page down further after you complete problem 1.

Problem 1

Record the following journal entries below. The first two are done for you as examples.

Date Event

02-01-2016 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation

04-01-2016 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later.

12-01-2016 Received $30,000 from customers for services rendered. This was not previously billed to customer.

15-01-2016 Received a bill for construction supplies used in the amount of $4,000.

18-01-2016 Provided $6,400 of services on account.

20-01-2016 Paid employees $4,600 for wages earned.

22-01-2016 Collected the amount due for work provided on January 18.

23-01-2016 Paid the amount due on equipment purchased on January 4.

25-01-2016 Purchased (and used immediately) construction supplies for cash in the amount of $1,200.

31-01-2016 The company paid Amanda Smith a $3,000 dividend

GENERAL JOURNAL

DATE ACCOUNT DEBIT CREDIT

02-01-2016 Cash 20,000

Capital Stock 20,000

Issued stock to Amanda Smith for cash

04-01-2016 Equipment 15,000

Accounts Payable 15,000

Purchased equipment on account

week 2

Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described items
below. Record in the space provided at the bottom of this spreadsheet. After completing journal entries, complete the

adjusted trial balance below. Lastly complete the income statement, balance sheet and statement of retained earnings.

The balance sheet must balance. The accounting equation is Assets = Liabilities + Equity.

Baltimore Corporation

Unadjusted Trial Balance

January 31, 2016

Debits Credits

Cash $37,500 $-

Accounts receivable 12,410 –

Prepaid insurance 2,400 –

Supplies inventory 7,113 –

Equipment 35,000 –

Accumulated depreciation – 10,000

Accounts payable – 7,569

Salaries payable – –

Interest payable – –

Unearned revenue – 8,500

Loan payable – 11,500

Capital stock – 25,000

Retained earnings, Jan. 1 – 15,457

Revenues – 43,995

Depreciation expense – –

Interest expense – –

Insurance expense – –

Office expense 2,500 –

Rent expense 13,000 –

Salary expense 12,098 –

Supplies expense – –

Utilities expense – –

$1,22,021 $1,22,021

1 “Belair Corporation’s equipment had an original life of 140 months, and the straight-line depreciation method is used.

“As of January 1, the equipment was 40 months old. The equipment will be worthless at the end of its useful life.

2 “As of the end of the month, Belair Corporation has provided services to customers for which the earnings process is complete.

“Formal billings are normally sent out on the first day of each month for the prior month’s work. January’s unbilled work is $25,000.

3 “Utilities used during January, for which bills will soon be forthcoming from providers, are estimated at $1,500.

4 “A review of supplies on hand at the end of the month revealed items costing $3,500.

5 “The $2,400 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30.

6 “The unearned revenue was collected in December of 2014. 60% of that amount was actually earned in January, with the remainder to be earned in February.

7 “The loan accrues interest at 1% per month. No interest was paid in January.

8 At month end, salaries of $2,120 have been earned but not paid.

JE # ACCOUNT DEBIT CREDIT

1

2

3

4

5

6

7

8

Baltimore Corporation

Adjusted Trial Balance

January 31, 2016

Debits Credits

Cash

Accounts receivable

Prepaid insurance

Supplies inventory

Equipment

Accumulated depreciation

Accounts payable

Salaries payable

Interest payable

Unearned revenue

Loan payable

Capital stock

Retained earnings, Jan. 1

Revenues

Depreciation expense

Insurance expense

Interest expense

Office expense

Rent expense

Salary expense

Supplies expense

Utilities expense

$- $-

Baltimore Corporation

Income Statement

For the month ended January 31, 2016

Baltimore Corporation

Balance Sheet

January 31, 2016

Baltimore Corporation

Statement of Retained Earnings

As of January 31, 2015

week 3

There are two homework problems this week. The first is below and the second one is on the second tab at the botto
m left of the screen
Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries.

Baltimore Glass Company

Trial Balance

December 31, 2015

Acct.

No. Account Title Debit Credit

101 Cash 88,450

110 Accounts Receivable 1,95,613

120 Merchandise Inventory 2,56,250

125 Supplies on Hand 3,252

130 Prepaid Insurance 3,500

131 Prepaid Rent 7,500

150 Equipment 1,75,285

160 Accumulated Depreciation 24,260

202 Accounts Payable 72,555

210 Wages Payable –

301 Capital Stock 2,20,000

302 Retained Earnings, January 1 2,11,144

401 Sales 9,98,250

405 Sales Returns and Allowances 5,145

410 Interest Income 1,500

500 Purchases 5,60,880

501 Purchases Discounts 4,080

502 Purchases Returns and Allowances 1,200

505 Freight In 4,580

520 Advertising Expense 1,000

530 Sales Salaries Expense 88,600

532 Supplies Expense –

540 Office Salaries Expense 1,24,500

550 Utilities Expense 8,594

555 Insurance Expense –

560 Professional Fees Expense 3,000

570 Depreciation Expense –

580 Interest Expense 6,840

15,32,989 15,32,989

Adjusting items:

1. The remaining prepaid insurance at year end is $3,000

2. A physical inventory shows supplies on hand of $2,000 at year end

3. The prepaid rent of $7,500 covers January 2015 rent

4. Depreciation on equipment is $12,000 for the year

5. At year end sales salaries of $3,000 were earned but unpaid

6. At year end office salaries of $4,000 were earned but unpaid

7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet.

8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used.

Do the following requirements below. Create proper headings for each statement.

1. Record adjusting journal entries from information above. It is possible that an item may not require an entry

2. Prepare an adjusted trial balance including the adjusting entries made

3. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115.

4. Prepare a statement of retained earnings

5. Prepare a classified balance sheet

6. Prepare closing journal entries

Account # Account Title debit credit

`

Baltimore Glass Company

Trial Balance

42369

Acct.

No. Account Title Debit Credit

101 Cash

110 Accounts Receivable

120 Merchandise Inventory

125 Supplies on Hand

130 Prepaid Insurance

131 Prepaid Rent

150 Equipment

160 Accumulated Depreciation

202 Accounts Payable

210 Wages Payable

301 Capital Stock

302 Retained Earnings, January 1

401 Sales

405 Sales Returns and Allowances

410 Interest Income

500 Purchases

501 Purchases Discounts

502 Purchases Returns and Allowances

505 Freight In

520 Advertising Expense

530 Sales Salaries Expense

532 Supplies Expense

540 Office Salaries Expense

550 Utilities Expense

555 Insurance Expense

560 Professional Fees Expense

570 Depreciation Expense

580 Interest Expense

0 0

Baltimore Glass Company

Income Statement

For the Year Ended 12/31/2015

Note on utilities, insurance, professional fees – I did not indicate where these expenses belonged so you may have put some in selling expense also.

Note on depreciation – I did note indicate where this went so some of it could have gone to selling expense or even to cost of goods sold

You would have needed more information to determine that

Note on interest – you could have combined as I did or shown them as separate items.

Baltimore Glass Company

Statement of Retained Earnings

For the Year Ended 12/31/2014

You could have skipped the line for dividends and had just three lines on the statement since it was zero.

Baltimore Glass Company

Balance Sheet

42369

Closing Entries zero out income statement accounts for new year

\

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

week 4

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

week 5

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

week 6

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

There are two pThere are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

rowblems this week. Clickweeek 7 on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

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