Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment. Starting at the beginning of 2018, what is the remaining estimated life? Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018.

At the end of the fiscal year, apha airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. the company prices its inventory at the lower of cost or market. if the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?