On April 1,2010,SAS Corp Make the Necessary Adjusting Journal Entries at December 31,2010 and Asset.The

question 153

Essay

On April 1,2010,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 31,2010 and December 31,2010 to record depreciation for each year under the following depreciation methods:
a. Straight-line
b. Double-declining-balance.

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Definitions:

Crystallized Intelligence

The ability to use learned knowledge and experience, which typically increases with age.

Fluid Intelligence

The potential to employ logical reasoning and find solutions in unique scenarios, not dependent on existing knowledge.

Numeric Ability

The capacity to understand, work with, and reason using numbers, often evaluated in educational and psychological testing.

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A type of long-term memory that is responsible for knowing how to do things and perform certain tasks.