Business, 10.03.2020 22:33 CHENDESHEN

On january 1, year 2, lcj rental cars purchased a car that is to be used to produce rental income. the car cost $35,000. it has an expected useful life of five years and a $5,000 salvage value. the car produced rental income of $9,000 per year throughout its useful life. assume lcj started the year 2 accounting period with a beginning cash balance of $40,000.

a-1. prepare an income statement and a statement of cash flows for year 2.

a-2. prepare an income statement and a statement of cash flows for year 3.

a-3. prepare an income statement and a statement of cash flows for year 4.

b. determine the book value of the car for year 2, year 3, and year 4.

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On january 1, year 2, lcj rental cars purchased a car that is to be used to produce rental income. t...

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