fixed assets

MO9 Worksheet 1 Fbxed Assets Cory's Popcom is starting a new business, a popcorn truck. On 11/1/2021, Corny bought a truck for $50,000 and a popcorn machine for $12,000 Comy estimates they can use the truck in their business for 8 years, at which time they think they can sell it for $2,000 Corny estimates they can use the popcorn machine for 4 years, at which time it will be worth $0. 1) Using the straightline method of depreciation, what is Corny's annual depreciation expense for the truck? 2) Prepare the journal entry to book the first year's depreciation. 3) Using the straightline method, what is comy's annual depreciation expense for the popcorn machine? 4) Prepare the journal entry to book the first year's depreciation on the popcorn machine. 5) At the end of the first year, Corny realizes that they are driving the truck more than expected. As such, they believe they will only be able to use it for an additional 5 years. What is the new annual depreciation on the truck? On November 1, 2024, Corny decided to close the business, as they have lost too much market share to their main competitor, Poppy's Popcorn. Corny sells the truck for $30,000. 6) What is the accumulated depreciation as of 11/1/2024? 7) What is the Net Book Value of the truck as of 11/1/2024? 8) What is the gain or loss on the sale of the truck? 9) Prepare the journal entry to record the sale of the truck