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E 8 - 1 8 ( Algo ) Inferring Asset Age and Recording Accidental Loss on a Long - Llved Asset ( Stralght - LIne
EAlgo Inferring Asset Age and Recording Accidental Loss on a LongLlved Asset StralghtLIne Depreclatlon LO On January of the current year, the records of Khouri Corporation showed the following regarding a truck: Equipment estimated residual value, $ Accumulated depreciation straightline, three years $ On December of the current year, the delivery truck was a total loss as the result of an accident. Requlred: Based on the data given, compute the estimated useful life of the truck that was used for recording depreciation. Prepare all journal entries with respect to the truck on December of the current year, assuming there was no insurance coverage on the truck. Assuming Khouri had casualty insurance on the truck and received $ from the insurance company for the accident, determine whether there was a gain or loss for the disposal and what the associated amount was. Answer is not complete. Complete this question by entering your answers in the tabs below. Assuming Khouri had casualty insurance on the truck and received $ from the insurance company for the accident, determine whether there was a gain or loss for the disposal and what the associated amount was. Note: If there is no gain or loss, select NA and do not input an amount. Loss
EAlgo Inferring Asset Age and Recording Accidental Loss on a LongLlved Asset StralghtLIne
Depreclatlon LO
On January of the current year, the records of Khouri Corporation showed the following regarding a truck:
Equipment estimated residual value, $
Accumulated depreciation straightline, three years
$
On December of the current year, the delivery truck was a total loss as the result of an accident.
Requlred:
Based on the data given, compute the estimated useful life of the truck that was used for recording depreciation.
Prepare all journal entries with respect to the truck on December of the current year, assuming there was no insurance coverage
on the truck.
Assuming Khouri had casualty insurance on the truck and received $ from the insurance company for the accident,
determine whether there was a gain or loss for the disposal and what the associated amount was.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Assuming Khouri had casualty insurance on the truck and received $ from the insurance company for the accident,
determine whether there was a gain or loss for the disposal and what the associated amount was.
Note: If there is no gain or loss, select NA and do not input an amount.
Loss
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