On January 1, 2012, Ravioli, Inc., purchased a building for a cash price of $192,000 and accrued property taxes of $14,950. The building is estimated to have a useful life of 10 years and no salvage...

On January 1, 2012, Ravioli, Inc., purchased a building for a cash price of $192,000 and accrued property taxes of $14,950. The building is estimated to have a useful life of 10 years and no salvage value. On the same day, Ravioli paid $25,450 in cash plus sales tax of $2,290 for a new delivery truck that is estimated to have a useful life of five years and a salvage value of $2,200. Another $1,100 was paid to paint the company logo on the truck. Over the next several years, the following events related to these fixed assets occurred: Required Prepare all entries for 2012 through 2015. Ravioli records annual depreciation expense on 12/31. View Solution:

On January 1 2012 Ravioli Inc purchased a building for