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Q1) On April 1, 2007, SAS Corp. bought and placed in service plant asset. Following information is available regarding the plant asset:

Acquisition cost ...................................................... $140,000
Estimated salvage value .......................................... $15,000
Estimated useful life ............................................... 5 years

Create the essential adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year by using straight-line depreciation method.

    Debit Credit
Dec 31 2007      
       
       
Dec 31 2008      
       
       

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