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On January 2 2018 Claymore Corporation purchased a vehicle for $50000 cash The company uses straight-line depreciation

On January 2, 2018, Claymore Corporation purchased a vehicle for $50,000 cash. The company uses straight-line depreciation and estimates that the vehicle will have a five-year useful life. The company has a December 31 year end and adjusts its accounts annually. (a) Prepare the journal entry to record the purchase of the vehicle on January 2. (b) Prepare the adjusting entries required on December 31, 2018, and 2019. (c) Indicate the statement of financial position presentation of the vehicle at December 31, 2018 and 2019. Prepare and post transaction and adjusting entries for insurance.

Apr 24 2020 View more View Less

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