This exercise continues the Sherman Lawn Service situation from Exercise 8-41 of Chapter...

This exercise continues the Sherman Lawn Service situation from Exercise 8-41 of Chapter 8. Refer to the Chapter 2 data for Exercise 2-63. In Chapter 2, we learned that Sherman Lawn Service had purchased a lawn mower and weed whacker on August 3 and that they were expected to last four years.

Requirements

1. Calculate the amount of depreciation for each asset for the year ended December 31, 2009, assuming both assets are using straight-line depreciation.

2. Record the entry for the partial year’s depreciation. Date it December 31, 2009.