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19 points) A company acquired a truck by issuing a 90-day, 8% note payable for $73,000 on July 1, 2016, the first day of the
19 points) A company acquired a truck by issuing a 90-day, 8% note payable for $73,000 on July 1, 2016, the first day of the company's fiscal year. It had a useful life of 7 years and a residual value of $6,500. The company uses the straight-line method of depreciation. The company sold the truck on June 30, 2021, for $25,000. Required: (a) JOT Determine the due date of the note. Calculate the amount of interest due on the due date of the note. Show calculations. Calculate annual depreciation expense. Show calculations. Determine the book value of the truck at June 30, 2021. Show calculations. Determine the gain or loss resulting from the sale of the truck on June 30, 2021. Show calculations. For each of the following items indicate whether the transactions listed below increased (+), decreased (-) or had no effect (0) by inserting the appropriate symbol. Net Owners' Cash Income Assets Liab. Equity Flows Acquiring the truck by issuing a note Paying the note plus interest on the due date Recording annual depreciation on the truck (i) Selling the truck for cash Lo ch
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