On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000. Make a journal entry on July 1. Make a journal entry on December 31, 2021. Make a journal entry on December 31, 2022.

Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…

Item 2: Entity B purchased equipment for $180,000 on January 1, 2024 with an estimated salvage value $30,000 and a five-year useful life. Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the third year (prepare a partial classified balance sheet). Show your work.

Early-July 2021: A significant renovation of the building was completed at a cost of $30,000. The renovation is expected to provide the building with a useful life of 25 years. This involved the scrapping of an old kitchen with carrying value of $4,000.what is the entry for building depreciation and show working of calculation.