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Champion Company purchased and installed carpet in its new general offices on March 31 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.
(a) Prepare the journal entries necessary for recording the purchase of the new carpet.
(b) Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet assuming that Champion Company uses the straight-line method.
Sporophyte
The diploid, spore-producing phase in the life cycle of a plant that alternates with the haploid gametophyte phase.
Nonvascular
Refers to plants that lack vascular tissue, making them incapable of transporting water and nutrients over long distances.
Alternation of Generations
A reproductive cycle found in certain plants and algae, involving a sequential occurrence of two distinct forms, one haploid and the other diploid, each giving rise to the other.
Zygote
Diploid cell formed by the union of two gametes; the product of fertilization.
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