Give the Required Adjusting Entry at December 31, 20X6, the End

Essay

Give the required adjusting entry at December 31, 20X6, the end of the annual accounting period for the three items below. If no entry is required, explain why.
A. Web Company acquired a patent that cost $4,260 on January 1, 20X6. The patent was registered on January 1, 20X1. The legal life of a patent is 17 years from registration. Web expects to use the patent the remaining legal life.
B. Web Company acquired a gravel pit on January 1, 20X6, that cost $24, 000. The company estimates that 30,000 tons of gravel can be extracted economically. During 20X6 4,000 tons were extracted and sold.
C. On January 1, 20X6, W eb Company acquired a dump truck that cost $6,000 to use hauling gravel. The company estimated a residual value of 10% of cost and a useful life 4 years. The company uses straight-line depreciation.