Blake,IncPurchased a Van on January 1,2015,for $800,000

question 66

Essay

Blake,Inc.purchased a van on January 1,2015,for $800,000.Estimated life of the van was five years,and its estimated residual value was $90,000.Blake uses the straight-line method of depreciation.Give the journal entry to record the purchase of van for cash.

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Definitions:

Universal Ethical Principles

Moral beliefs and rules that are widely accepted across cultures and societies as the foundation for leading a good life and making just decisions.

Imaginary Audience

A psychological concept where an individual believes that his or her behavior is constantly being watched and judged by others, especially prevalent during adolescence.

Adolescent Egocentrism

A developmental phase during adolescence where individuals believe their own thoughts, feelings, and experiences are unique and not understood by others.

Hallucinogenic Drugs

Substances that alter perception, thoughts, and feelings, leading to hallucinations.