Chapter 8 Quiz- Accounting Principles I - ACC2301 Student Name: Lana Inc. Purchand courenton January 1, 2007 for $190.000 The mentis expected to have a useful le of years or 48.600 estimated operating hours and an estimatedros or sale of 518,000. The comert had the folowing usage in the first 2007 2008 A hours 4500 7.000 Determine the amount of depreciation expense for just the first two years for each of the se methods of depreciation shown in the table below D Declining balance Year Straight line Units of production 2007 2009 2 Based on your answer above, prepare the journal entry to record the depreciation expense for the year 2008 using only the straight-line method. For the straight-line method only: Based on your answers to the table above, what would be the balance in the "Accumulated Depreciation account at the end of the year 2008? Use the following information for the next two questions related to a truck that was sold. Original cost: $30,000 Salvage value: $ 5,000 Useful life: 5 years Total accumulated depreciation to date at the time of the sale: $17,000 Price that the truck was sold for (proceeds): $15,000 What is the book value of the asset at the time of the sale? Prepare the journal entry to record the sale of the asset