Linton Company purchased a delivery truck for $34,000 on July 1, 2022. The truck has an expected
Question:
Linton Company purchased a delivery truck for $34,000 on July 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Linton uses the straight-line method of depreciation.
Instructions
a. Compute depreciation expense for 2022 and 2023.
b. Prepare the journal entry to record 2022 depreciation.
c. Prepare the journal entry to record 2023 depreciation.
d. Show how the truck would be reported in the December 31, 2023, balance sheet.
Salvage ValueSalvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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a 2022 34000 20008 x 2000 2023 34000 20008 4000 2022 Cos...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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