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  3. on january 1 of the current year, herkimer & c

On January 1 of the current year, Herkimer & Co. purchases, for cash, a group...

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Accounting

On January 1 of the current year, Herkimer & Co. purchases, for cash, a group of 7 laptops for its new hires. The laptops are purchased for $2,600 each with a residual value of $500 each. Herkimer expects the laptops to be used for 3 years. At the end of the current year, Herkimer & Co. sells two laptops for $1,900 each.

Required:

Prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops in Year 1.

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