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OPO 12. Nanki Corporation purchased equipment on January 1, 2015. for $970.000. In 2015, 2016,...

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OPO 12. Nanki Corporation purchased equipment on January 1, 2015. for $970.000. In 2015, 2016, and 2017, Nanki depreciated the asset on a straight-line basis with an estimated useful life of ten years and a $45,000 residual value. In 2018, due to changes in technology. Nanki revised the useful life to a total of eight years with no residual value. What depreciation would Nanki record for the year 2018 on this equipment? (3 pts) 13. Prepare journal entries to record the following transactions of Daisy King Ice Cream Company. If an entry is not required, state "No Entry." (2 pts each) 1. Started business by issuing 15,000 shares of capital stock for $2.50 per share. 2. Purchased equipment for $10,500, paying $3,000 down and signing a two-year, 8% note for the balance. 3. Paid weekly wages, $2,650. 4. Recorded depreciation on equipment, $685. 5. Signed a franchise agreement to pay franchise fees of 2% of sales. 6. Purchased $1,200 of supplies on account. 7. Recorded sales on account of $6,200 for the first month. 8. Paid franchise fees due on first month's sales. 9. Purchased a three-year insurance policy of $7,200 and paid six months' in advance. 10. Paid for supplies previously purchased on account. Page 4 of 9

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