20:42 No SIMS Not Secure-fbemoodle.emu.edu.tr Question 2 Diaz Company owns a lorry that cost $50,000 when parchased on Apil 1, 2013 Instractions: Prepare Diaz Company's journal entries for the following independent transactions. Show the suppoeting calculations) The loy is sold for $34,000 cash on December 31, 2015 Assume that the lorry has been depreciated using double- doclining balance method with fractional periods rounded to the nearest whole month, based on estimated salvage value of $5,000 and an estimated useful life of 20 years. Answer b The lorry is traded-in as part of the purchase of a new lorry on Docember 31, 2016. The list price of the new lorry and trade-in allowance given for the old loery are $55,000 and $34,000 respectively. Diaz Company pays $21,000 cash to get the new lorry. Assume that the old lorry has been depreciated using straight-line method with fractional periods rounded to the nearest whole month based on estimated salvage value of $5,000 and an estimated useful life of 10 years. rd (Product Activation railed Editing Question 2 Diaz Company owns a lorry that cost S50.000 when purchased on April l 2013. Instructions: Prepare Diaz Company's journal entries for the following independent transactions. (Show the supporting calculations.) a. The lorry is sold for s34,000 cash on December 31, 2015. Assume that the lorry has been depreciated using double-declining balance method with fractional periods rounded to the nearest whole month, based on estimated salvage value of $5.000 and an estimated useful life of 20 years