On April 1,Year 1,SAS Corp.purchased and placed in service a plant asset.The following information is available regarding the plant asset:
Make the necessary adjusting journal entries at December 31,Year 1,and December 31,Year 2 to record depreciation for each year under the following depreciation methods:
a.Straight-line.
b.Double-declining-balance.
Definitions:
Automatic Transfer
A banking service that moves funds automatically from one account to another at scheduled intervals or under specific conditions.
Reconciled Balance
The balance of an account after adjustments have been made for discrepancies or outstanding items.
Bank Statement
A record provided by a bank detailing all transactions in an account over a specified period.
Checkbook Balance
The total amount of money available in a checking account, as recorded in the checkbook register after accounting for all deposits, checks, and adjustments.
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