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Can you show me step by step? 1. You are the...

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Accounting

Can you show me step by step? image
1. You are the controller for the Bruno Mars Band, Inc. The Company purchased a new touring bus on January 2, 2012 for cash to start a new tour. The Company paid $75,000 (a discount from $100,000 retail). You estimate a residual value of $7,500 at the end of an estimated useful life of 5 years a. What is the journal entry to record the purchase of the bus on January 2, 20127 b. What is depreciation expense for the first year using the straight -line method of depreciation?( PoinT c. What is depreciation expense for the first and second year using the double-declining method of depreciation? ?a/~- d. Mr. Mars recorded a hit "The lazy Song" and will now travel by corporate jet. Accordingly, the bus was sold on March 31, 2012 for $80,000 cash. What is the journal entry to record the sale of the bus? Assume Sten 2 e. Which depreciation method (Straight-line or Double declining balance) results in more depreciation expense over the life of the asset if the asset is held for its entire useful life? Pomts

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