Answer the following questions. (Show your work.)
a. Equipment is purchased for $48,000, to be used for eight years. Assuming zero value at the end of eight years, what is the equipment's carrying value after two years and three months?
b. Prepaid Insurance has an $800 balance prior to adjustment. By year end, one-fourth has expired. What will be the balance in Prepaid Insurance after the adjusting entry has been made?
c. A company purchased $210 in supplies during the year, recorded $120 in Supplies Expense, and ended with $350 of supplies. What was the beginning balance of Supplies?