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8 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $20,515 cash plus $1,935 in sales tax for
8 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $20,515 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Jan. 1.78 points Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,850. Recorded annual straight-line depreciation on the truck. eBook Print Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,600 cash. References Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 Required 1A Required 10 Required 1A Required 1B Required 1C Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet Record the total cost of the new delivery truck. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01, Year 1 Record entry Clear entry View general journal
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