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ABC Company purchased a delivery truck for $45,000 on January 1, 2016. The truck was assigned an estimated useful life of 5 years and has
ABC Company purchased a delivery truck for $45,000 on January 1, 2016. The truck was assigned an estimated useful life of 5 years and has a residual value of $10,000.
- Compute depreciation expense using the straight line depreciations method for 2016
- What is the carrying value December 31, 2017 after booking the adjusting entry?
- On January 1st 2018 the useful life was increased to 7 years and residual value has increased to 15,000. What is the depreciation for 2018?
- On January 1, 2019 the truck was solid or 30,000. Does Iverson Company recognize a gain or loss?
- What is the gain or loss amount?
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Conservation Easement IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304133923, 978-1304133922
