November 2: the company acquires a bakery location for 450,000. The owner pays 200,000 UPFRONT,...
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November 2: the company acquires a bakery location for 450,000. The owner pays 200,000 UPFRONT, WITH THE REMAINDER TO BE PAID OVER FOUR years at 4 per cent annual ineteret rate. The property's depreciation is calculated on a straight-line basis over 30 years, with no salvage value considered due to its commercial nature. November 10: an upfront payment of 72,000 is made for one year comprehensive business insurance. Journalize these two operations at the end of the month 5 end of( journal)- with a depreciation table
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