In December 1988, equipment worth $6700, including a computer priced at $3000, was purchased for cash. William paid an additional $1000 for a computer software package to be used by the company. The software, which was specifically designed for Thumbs-up Video, would efficiently track those tapes out on rental and those on the shelves. All of the equipment had estimated useful lives of five years. Also at the end of December 1988, $500 of miscellaneous office supplies were ordered for delivery January 2, 1989, to be paid cash on delivery. How would you record these transaction in income statement for the end of June 30, 1989 and how would you treat in balance sheet?
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