Discussion board?

Question

On July 1, 2007, Red Gate Farm buys a combine for $100,000 in cash. Assume that the combine is expected to have a seven-year life and an estimated salvage value of $16,000 at the end of that time.

1. Prepare the journal entry to record the purchase of the combine on July 1, 2007.

2. Compute the depreciable cost of the combine.

Answer 1

If this is homework, post it to the homework board.  If it's not, go talk to an accountant.

I think this is the third time this question has been posted in the insurance group, and it has NOTHING to do with insurance.