1, Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME. The following is the…

totals

$4,257,000

$4,257,000

The following information is provided regarding end of the FY required adjusting entries.

1.     Equipment was purchased on March 1, it has an estimated life or 5 years with an estimated salvage valve of $200,000. Alpha Dog used the double declining balance method for depreciation.

2.     Supplies on hand at year end are $20,000

3.     On 1/1/2017 interest of $57,000 and a principle payment of $20,000 must be made to the bank.

4.     The insurance policy is for 12 months and was purchased on March 1.

5.     Unbilled services that have been provided customers at year end is $25,000. Billings will be process the first week of January.