Answer and Explanation:
The Journal entry is shown below:-
Amount should be capitalized for new vehicle = Cost + Painting and new logo cost + Deluxe Roof rack and trailer hitch
= $15,600 + $6,600 + $2,900
= $25,100
We took the cost of painting and deluxe roof and trailer hitch costs into account as they are supposed to increase the vehicle's future benefits.
Depreciation = (Cost - Salvage Value) ÷ Number of Years
= ($25,100 - $6,300) ÷ 5
= $3,760 per year
In the year 2022 vehicle is used only for 6 months (July to Dec), depreciation expense for the year ended December 31, 2022 is
= $3,760 × 6 ÷ 12
= $1,880
So, the Journal entry is
Depreciation expense Dr, $1,880
To Accumulated Depreciation $1,880
(Being depreciation provided for the year 2022 is recorded)
Therefore for recording the depreciation provided for the year 2022 we simply debited the depreciation expenses while we credited the accumulated depreciation.
The reason why it is difficult to track the crime rate over time it is because as time or years pass, the definition of crime changes. Leading to difficulty of tracking crime rates and organizing records in keeping track of the crime rates. There is no consistency in terms of defining crimes as years pass for beliefs and the way of ruling changes, leading to difficulty and unorganized process or methods.
If there is a lack/shortage of entrepreneurs, there will be much less economic growth. This is because entrepreneurs use new/innovative technologies, along with new products and services that in turn cause growth of the economy. Without as many, the economy would grow at a much slower rate, and possibly decline. Firms and economies also become more productive with more entrepreneurs, due to entrepreneurs causing increased competition among them.