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calculate the Depreciation expense and the vehicle loss Useful Life Depreciation Method Salvage Value Declining balance SO Straight-line $13,000 Units of production $0 Straight-line $35,000
calculate the Depreciation expense and the vehicle loss
Useful Life Depreciation Method Salvage Value Declining balance SO Straight-line $13,000 Units of production $0 Straight-line $35,000 Office furniture Equipment Vehicles Building 10 years (20% rate) 15 years 120,000 km 35 years The vehicle was sold on January 1, 2021 for $1,500, and the following entry was recorded: Dr. Cash 1,500 Cr. Gain on disposal 1,500 I'm not sure the bookkeeper recorded the transaction correctly, so please correct it, if needed. Up until that point in the year, the vehicle was driven 10,000 km and amortization hasn't been recorded. A 1 2 Adjusting Entry Depreciation expense vehicle Vehicle cost total units per km 57,000.00 4 5 LD in year 7 8 Depreciation expense Accumulated depreciation - vehicles 9 10 11 12 13 14 Vehicle Loss B 15 16 17 18 19 20 21 22 23 Deprecitation expense - office furniture Step by Step Solution
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