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Berry Corp. acquired a vehicle on January 1, 2018 for $60,000 with a loan from the bank. The company estimates a residual value of $10,000
Berry Corp. acquired a vehicle on January 1, 2018 for $60,000 with a loan from the bank. The company estimates a residual value of $10,000 and a service life of 10 years, Fiesta then sold the truck on June 30, 2020 for $40,000. They record their adjusting journal entries (AJES) monthly and use the straight-line depreciation method. Use a - Chyphen) 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) End of Year Book Value 2018 2019 2020 Part III: Calculate the gain or loss on the sale of the truck on June 30, 2020. Gain /(Loss): Part IV: Record the truck sale on June 30, 2020 in the General Journal Date Account Debit Credit June 30, 2020
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