Trevs Gardening Services purchased a trailer on 1 July 2016 for $26 200. It was estimated to
Question:
Trev’s Gardening Services purchased a trailer on 1 July 2016 for $26 200. It was estimated to have a useful life of 5 years and a residual value at the end of that time of $2800.
Required
A. What is the depreciation expense for the year ended 30 June 2017?
B. What is the balance of the Accumulated Depreciation account at the end of June 2018?
C. What is the carrying amount of the hearse in the statement of financial position at 30 June 2017 and at 30 June 2018?
D. Explain why an entry is made to the Accumulated Depreciation account rather than to the Trailer account.
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Step by Step Answer:
A Depreciation expense for the year ended 30 June 2017 26 200 28005 4680 This assumes that the trail...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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