cash. Sid Meier's accountant is completing adjusting entries for fiscal 2015 on January 15,2016. The accountant expects the Ford to have a useful life of 5 years and will be using straight line depreciation. Sid Meier's construction crews drove the Ford 15,000 miles during 2015.
Required:
a) Complete the initial journal entry for the purchase of the Ford.
b) Complete the adjusting entry for the fiscal year 2015.
c) Calculate the balance sheet value of the Ford as of December 31,2015.
d) Illustrate the Ford on Sid Meier's balance sheet as of December 31, 2015.