Chapter $9$ Assignment

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Transactions for fixed assets, including sale depreciation is used.

Year $1$

January $8.$ Purchased a used delivery truck for $$61,440,$ paying cash.

March $7.$ Paid garage $$180$ for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.

December $31.$ Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is $8$ years, with a residual value of $$12,900$ for the truck.

Year $2$

January $9.$ Purchased a new truck for $$70,560,$ paying cash.

February $28.$ Paid garage $$260$ to tune the engine and make other minor repairs on the used truck.

April $30.$ Sold the used truck for $$40,440.($Record depreciation to date in Year $2$ for the truck.$)$

December $31.$ Record depreciation for the new truck. It has an estimated residual value of $$12,700$ and an estimated life of $7$ years.

Year $3$

September $1.$ Purchased a new truck for $$93,000,$ paying cash.

September $4.$ Sold the truck purchased January $9,$ Year $2,$ for $$42,900.($Record depreciation to date for Year $3$ for the truck.$)$

December $31.$ Recorded depreciation on the remaining truck. It has an estimated residual value of $$16,700$ and an estimated useful life of $10$ years.

Required:

Year $1$ lanuarv $8$

Deliverv Truck

$61440$

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Assignment Score: $89\mathrm{.}88\%$

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