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Berry Corp. acquired a vehicle on January 1, 2018 for $80,000 with a loan from the bank. The company estimates a residual value of $20,000

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Berry Corp. acquired a vehicle on January 1, 2018 for $80,000 with a loan from the bank. The company estimates a residual value of $20,000 and a service life of 10 years. Berry Corp. then sold the truck on October 31, 2020 for $65,000. They record their adjusting journal entries (AJES) monthly and use the straight-line depreciation method. Use a - (hyphen) to represent that no data is presented. Do NOT abbreviate account names. Do NOT use a $(dollar sign). Do NOT use cents. Do use a comma separator. Part I: Record the purchase of the truck in the General Journal: Date Account Debit Credit Jan 1, 2018 Part I: Complete the table below in regards to the truck: Year Depreciation Expense (for year) Book Value 2018 2019 2020 Part Ill: Calculate the gain or loss on the sale of the truck on October 31, 2020. Show a loss in parenthesis (). Gain / (Loss): Part IV: Record the truck sale on October 31, 2020 in the General Journal Date Account Debit Credit Oct 31, 2020

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