On April 1, 2012, SAS Corp Make the Necessary Adjusting Journal Entries at December 31, 2012

question 40

Essay

On April 1, 2012, SAS Corp. purchased and placed in service a plant asset. The following information is available regarding the plant asset:
$$\begin{array} { | l | r | } \hline \text { Acquisition cost } & \$ 130,000 \\\hline \text { Estimated salvage value } & \$ 15,000 \\\hline \text { Estimated useful life } & 5 \text { years } \\\hline\end{array}$$ Make the necessary adjusting journal entries at December 31, 2012, and December 31, 2013, to record depreciation for each year under the following depreciation methods:
a. Straight-line
b. Double-declining-balance.

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