On January 1, 2012, the records of Smita Corporation showed the following: On September 30, 2012, the
Question:
On January 1, 2012, the records of Smita Corporation showed the following:
On September 30, 2012, the delivery truck was a total loss as a result of an accident. As the truck was insured, the company collected \(\$ 11,200\) cash from the insurance company on October 5, 2012.
Required:
1. Based on the data given, compute the estimated useful life of the truck.
2. Prepare all journal entries to record the events that occurred on September 30 and October 5, 2012 , and the related adjustments to the accounts. Show computations.
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ISBN: 9780070001497
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