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Lisa's Limos purchases a fleet of 10 cars with a total cost of $225,000.00 on April 30, 2015.
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Lisa’s Limos purchases a fleet of 10 cars with a total cost of $225,000.00 on April 30, 2015. They paid sales tax of $5,000, Vehicle Registration Fees of $1,500 and the cost for monthly oil maintenance was $4,500. The Autos have a $500.00 Salvage value each and a 4 Year useful life.
Required:
Prepare and record the annual Depreciation Using Straight-Line Depreciation Method for 2015 & 2016?
What is the Carrying Value of the Equipment on December 31, 2017?
Assume Lisa sells the cars on June 30, 2018 for $40,000 cash. What would the entry be to record the sales of the cars?
