Problem #1Wardell Society purchased a mini computer on January 1, 2014, at a require of $40,000. The computer has been depreciated using the straight-line course redress an revered five-year helpful vitality with an revered residual prize of $4,000. On January 1, 2016, the revere of helpful vitality was progressive to a entirety of 10 years, and the revere of residual prize was progressive to $900.Required:Prepare the expobject adjusting initiation control depreciation in 2016 to advert the revised revere. Prepare the expobject adjusting initiation control depreciation in 2016 to advert the revised revere. Assuming that the society uses the sum-of-the-years’-digits course instead of the straight-line course. Problem #2:Below are three rebellious and unconnected faults.a.On December 31, 2015, Wolfe-Bache Corporation failed to expand station anticipation cost of $1,800. In January 2016, when it ordinary the reckoning from its supplier, Wolfe-Bache made the cethcoming initiation: Station anticipation cost1,800 Specie 1,800b.On the definite day of 2015, Midwest Importers ordinary a $90,000 prepayment from a occupier control 2016 schism of a fabric. Midwest commemorative the reception as schism produce.c.At the object of 2015, Dinkins-Lowery Corporation failed to expand attention of $8,000 on a still n ess receivable. At the foundation of 2016, when the society ordinary the specie, it was commemorative as attention produce.Required:Control each fault:What would be the commodities of each fault on the pay declaration and the redress equivocation in the 2015 financial declarations?Prepare any narrative entries each society should archives in 2016 to redress the faults.
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