DuPage Company started operations on January 1 2010 It

is
DuPage Company started operations on January 1, 2010. It is now December 31, 2010, the end
of the annual accounting period. The part-time bookkeeper needs your help to analyze the
following three transactions:a. On January 1, 2010, the company purchased a special machine
for cash at a cost of $12,000. The machine’s cost is estimated to depreciate at $1,200 per
year.b. During 2010, the company purchased office supplies that cost $1,400. At the end of
2010, office supplies of $400 remained on hand.c. On July 1, 2010, the company paid cash of
$400 for a two-year premium on an insurance policy on the machine; coverage begins on July
1, 2010.Required:Complete the following schedule with the amounts that should be reported for
2010: Selected Balance Sheet Amountsat December 31, 2010 Amount to Be
ReportedAssetsEquipment ............ $___________Accumulated depreciation ......
____________Carrying value of equipment ..... ____________Office supplies ...........
____________Prepaid insurance .......... ____________Selected Income Statement Amountsfor
the Year Ended December 31, 2010_____________________ExpensesDepreciation expense
........ $___________Office supplies expense ....... ____________Insurance expense ..........
____________View Solution:
DuPage Company started operations on January 1 2010 It is
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january-1-2010-it-is/

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