Develop a report for Sam and George recommending a course of action regarding the van. In this report, show the calculations for depreciation expense for the existing van (how depreciation is currently being expensed), the repaired van (depreciation expense if the existing van is repaired), and the new van (explain how depreciation would be calculated if the new van is purchased). Additionally, explain how you record each of the decision options (a) repair the existing van or (b) trade in the van for a new van. Show the journal entries you would record if (a) the existing van is repaired or (b) a new van is purchased. Explain how you would account for the repairs on the existing van (are they expenses or assets? Or both?). Provide the journal entries that would record either decision.
This question was asked on May 20, 2010 and answered on May 21, 2010.
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