[winnie158]

on 1 march 2012, Kobe Ltd pucharsed a new delivery van. Costs associated with the transaction were as follows

Invoice price $28 000
Special vehicle extras 1400
On-road costs 800
registration fees 500

the van will be used for 4 years and depreciated on a straight-line basrs. It has an estimated residual value of $12000. End of reporting period to Kobe Ltd is 30 June

Required
prepare journal entries

1. The van purchased for cash
2. Depreciation on the van for the year ended 30 June 2012
3. On 1 July 2013, a $1200 air-conditioning unit was added to the van. Although the van's estimated useful life was not effected, its estimated residual value was increase by $1000
4. On 1 September 2013, the van was given a full service and safety inspection at a cost of $800. Neither the useful life nor the residual value was affected
5. depreciation on the van for the year ended 30 June 2014
6. . Depreciation on the van for the year ended 30 June 2015
7. On 2 January 2016, the van received a $2600 major overhaul. The overhaul is expected to extend the van's useful life by 1 year, at which time the residual value is estimated to be $14000.
8. Depreciation on the van for the year ended 30 June 2017

[JudyKayTee]

on 1 march 2012, Kobe Ltd pucharsed a new delivery van. Costs associated with the transaction were as follows

Invoice price $28 000
Special vehicle extras 1400
On-road costs 800
registration fees 500

the van will be used for 4 years and depreciated on a straight-line basrs. It has an estimated residual value of $12000. End of reporting period to Kobe Ltd is 30 June

Required
prepare journal entries

1. The van purchased for cash
2. Depreciation on the van for the year ended 30 june 2012
3. On 1 july 2013, a $1200 air-conditioning unit was added to the van. Although the van's estimated useful life was not effected, its estimated residual value was increase by $1000
4. On 1 September 2013, the van was given a full service and safety inspection at a cost of $800. Neither the useful life nor the residual value was affected
5. depreciation on the van for the year ended 30 june 2014
6. . depreciation on the van for the year ended 30 June 2015
7. On 2 january 2016, the van received a $2600 major overhaul. the overhaul is expected to extend the van's useful life by 1 year, at which time the residual value is estimated to be $14000.
8. Depreciation on the van for the year ended 30 june 2017

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