Do It! Review 9-2a On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $17,500. The mower is expected to have a 10-year life with a $600 salvage value. What journal entry would Salt Creek make on December 31, 2017, if it uses straight-line depreciation

Salt Creek should make a journal entry to record full one year depreciation expenses relating to the mower at 31st December 2017 as followed;

Dr Depreciation expenses - Machinery $1,690

Cr Accumulated depreciation - Machinery $1,690

Explanation:

Depreciation refers to the fall in the value of an asset. The annual depreciation expenses relating to Mower would be calculated as;

Annual depreciation expense = (Initial cost of Mower - Estimated salvage value) / Expected useful life.

= ($17,500 - $600) / $10

= $16,900 / $10

= $1,690

Since the Mower is purchased on January 1st, 2017, at 31st December 2017, Salt creek should make a entry to record full year depreciation expense.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability