RECOMMENDED!!Ria Corporation uses accrual accounting and issues monthly financial statement
Ria Corporation uses accrual accounting and issues monthly financial statements. On January 1, 2018, Ria Corporation purchased equipment for $30,000, paying $10,000 in cash and signed a 2-month, 6% note for the balance. The corporation depreciates the equipment at an annual rate of $6,000 per year.a. Use the following spreadsheet and record Ria Corporation’s required entry at January 1, 2018. Also, prepare the company’s required adjusting entries for accrued interest and depreciation at January 31, 2018. (6 points)CashEquipment- Acc. Depr.= NotesPayable+ InterestPayable+ Rev.- Expensesa. What is the total amount of interest that Ria Corporation will pay on March 1, 2018, the maturity date of the note? (2 points)Answer:Calculation:b. What is the book value of the equipment at January 31, 2018, after recording the depreciation for the current period? (2 points)Answer:Calculation
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