Hohnberger enterprises purchased equipment on march 15 2015, Ask an Expert

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Hohnberger Enterprises purchased equipment on March 15, 2015, for $94,800. The company also paid the following amounts: $720 for freight charges; $240 for insurance while the equipment was in transit; $1,320 for a one-year insurance policy; $2,110 to train employees to use the new equipment; and $1,920 for testing and installation. The equipment was ready for use on April 1, but the company did not start using it until May 1. Hohnberger has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipments future economic benefits evenly over the useful life. The company has a December 31 year

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Accounting Basics, Accounting

Category:- Accounting Basics
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