---6 8 .1.9 110 111 112 113 114 115 116 On January 2, 2019, Collins Company purchased a delivery truck for $45,000 cash. The truck had an estimated useful life of seven years and an estimated residual value of $3,000. Straight-line depreciation was used. Assuming the transactions have commercial substance, prepare the journal entries to record the disposition of the truck on September 1, 2019, under each of the following assumptions: (20 marks) (a) The truck and $55,000 cash were exchanged for equipment that had a fair value of $70,000. (b) The truck and $40,000 cash were exchanged for a new delivery truck that had a fair value of $70,000 (c) If you were a new accountant in a company and you were asked to determine how best to depreciate a new machine they just bought, how would you determine the best method? What information would be useful to you in determining the best method? Solution- have been exposed to numerous concepts and theories that see! w human behaviour impacts the overall operation of a business. MI re controversial in terms of their relevance and impacts. In this as to research both sides of the theories and/or concepts in more del ur findings to the rest of the class. n Unit 1 regarding one of the following research topics: als Get You to Where You Want to Be (Point/Counterpoint on p. Get the Most Out of Teams, Empower Them (Point/Counterpoint! ganizations Should Strive to Create a Positive Organizational Cultu rpoint on p. 371) ployer. Employee Loyalty is an outdated Concept (Point/Counter ryone Wants Power (Point/Counterpoint on p. 301) ployees' Social Media Presence Should Matter to Managers! rpoint on p. 268) nflict: Good or Bad? (Point/Counterpoint on p. 334) your Learning Team Agreement (2% of Final Grade): ct instructions eader. ning Team Arreement. st to complete the sections. ---6 8 .1.9 110 111 112 113 114 115 116 On January 2, 2019, Collins Company purchased a delivery truck for $45,000 cash. The truck had an estimated useful life of seven years and an estimated residual value of $3,000. Straight-line depreciation was used. Assuming the transactions have commercial substance, prepare the journal entries to record the disposition of the truck on September 1, 2019, under each of the following assumptions: (20 marks) (a) The truck and $55,000 cash were exchanged for equipment that had a fair value of $70,000. (b) The truck and $40,000 cash were exchanged for a new delivery truck that had a fair value of $70,000 (c) If you were a new accountant in a company and you were asked to determine how best to depreciate a new machine they just bought, how would you determine the best method? What information would be useful to you in determining the best method? Solution- have been exposed to numerous concepts and theories that see! w human behaviour impacts the overall operation of a business. MI re controversial in terms of their relevance and impacts. In this as to research both sides of the theories and/or concepts in more del ur findings to the rest of the class. n Unit 1 regarding one of the following research topics: als Get You to Where You Want to Be (Point/Counterpoint on p. Get the Most Out of Teams, Empower Them (Point/Counterpoint! ganizations Should Strive to Create a Positive Organizational Cultu rpoint on p. 371) ployer. Employee Loyalty is an outdated Concept (Point/Counter ryone Wants Power (Point/Counterpoint on p. 301) ployees' Social Media Presence Should Matter to Managers! rpoint on p. 268) nflict: Good or Bad? (Point/Counterpoint on p. 334) your Learning Team Agreement (2% of Final Grade): ct instructions eader. ning Team Arreement. st to complete the sections