Answer Happy

Question 2 of 5 -/4 E Coronado Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. On January 2, purchased supplies for $4,370 cash. A physical count at December 31 revealed that $640 of supplies were still on hand. 2 Purchased a vehicle for $41,000 on April 1. paying $5,300 cash and signing a $35,700 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interest of 3% payable at maturity. 3. Purchased a $3,540, one-year insurance policy for cash on August 1. The policy came into effect on that date. 4. Received a $1,490 advance cash payment from a client on November 9 for services to be performed in the future. As at December 31, half of these services had been completed. 5 On December 1, the company rented additional office space for a six-month period starting on December 1 for $1,150 each month. It paid rent for the months of December and January in advance on this date. (a) I