Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,500. Six months’ of the one-year insurance policy purchased on July 1 has expired. Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,800 of office supplies purchased on July 4, $380 remains. Interest expense on the $33,000 loan obtained from the city council on August 1 should be recorded. Of the $2,400 of racing supplies purchased on December 12, $140 remains. Suzie calculates that the company owes $14,500 in income taxes.
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Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,50...
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