Rachel had purchased a Van for her company, I am a photographer and not a dental hygienist Inc. she is doing business as CRAY. The van cost her $100,000 and has a useful life of 20 years, it also has a salvage value of $20,000 at the end of its useful life. What is the Journal Entry when Rachel purchased the van? (Purchased for Cash) a. Dr Van $100,000, Cr Cash $100,000 O b. Dr Equipment $80,000; Cr Cash $80,0 Oc. Dr Cash $100,000, Cr Van $100,000 Od. Dr Van $80,000; Cr Dividend $80,000

Rachel had purchased a Van for her company, I am a photographer and not a dental hygienist Inc. she is doing business as CRAY. The van cost her $100,000 and has a useful life of 20 years, it also has a salvage value of $20,000 at the end of its useful life. What is the Journal Entry when Rachel purchased the van? (Purchased for Cash) a. Dr Van $100,000, Cr Cash $100,000 O b. Dr Equipment $80,000; Cr Cash $80,0 Oc. Dr Cash $100,000, Cr Van $100,000 Od. Dr Van $80,000; Cr Dividend $80,000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 32P

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