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Homework Answers
3b. Since car has been purchased for the mayor for $30,000, so the assets purchased will be debited. That is Debit Car or Motor Vehicle.
Motor Vehicle (Car) $30,000
Cash $1,000
lease obligation payable $29,000
5. Since it is mentioned in point 5 that "The city records a half year of straight-line depreciation on capital assets placed in service during the year. So Depreciation will be half of 324,000 (9,720,000/30) i.e, $162,000.
Depreciation Expenses-Buildings $162,000
Accumulated Depreciation-Buildings $162,000
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Can you please help me where I got wrong answers? Thank
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E5-18 General Capital Assets...
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