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Problem 2: Accounting for PP&E throughout its lifecycle Swade Records, Inc., produces small-run vinyl records...

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Accounting

Problem 2: Accounting for PP&E throughout its lifecycle Swade Records, Inc., produces small-run vinyl records for independent bands in the Boston area. Swade Records, Inc., is a calendar year-end company that uses the straight-line method of depreciation for all of its property, plant, and equipment. 2.1: On Aug. 1,2020, Swade Records, Inc., receives a vinyl press from a German manufacturer that it had purchased for $39,900. It has an expected useful life of 6 years or 85,000 records produced and an estimated salvage value of $1,128In addition to purchasing the vinyl press, Swade Records, Inc., pays an electrician $720 to wire an appropriate outlet to hook up the vinyl press because its wiring conforms to European Union, rather than U.S., standards. A technician from Swade Records, Inc., who earns $33 per hour, also spent 4 hours testing and calibrating the equipment to ensure it was working correctly. Record the adjusting journal entry on Dec. 31,2020, for depreciation on the vinyl press.

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