Assignment (1) On 1/1/04 Jack of All Trades, Inc. bought the following assets for a combined purchase price of $75,000 cash: Market Value (1/1/04) $60,000 $30,000 Useful life 5,000 barrels 5 years Asset $10,000 Oil Well Furniture Show the journal entry for Jack of All Trades' asset purchase on 1/1/04 How much depletion expense should the company record on 12/31/04 if 1,200 barrels of $4,000 a. b. oil were produced during 2004? Jack of All Trades uses the double-declining balance method for the furniture. Show the c. depreciation schedule. On 1/1/06, Jack of All Trades sells the furniture for $30,000. Show the journal entry for d. the sale.
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