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Question - On 1/1/04 Jack of All Trades, Inc. bought the following assets for a combined purchase price of $75,000 cash:

Asset               Market Value (1/1/04)          Useful life           Residual Value

Oil Well            $60,000                               5,000 barrels      $10,000

Furniture          $30,000                               5 years              $4,000

a. Show the journal entry for Jack of All Trades' asset purchase on 1/1/04

b. How much depletion expense should the company record on 12/31/04 if 1,200 barrels of oil were produced during 2004?

c. Jack of All Trades uses the double-declining balance method for the furniture. Show the depreciation schedule.

d. On 1/1/06, Jack of All Trades sells the furniture for $30,000. Show the journal entry for the sale.

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  • Reference No.:- M92501078
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