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help asap Propiem -JA (Aigo) Computing ana revising aepreciation, selling plant assets LO CZ, P1, P2 Check my work Yoshi Company completed the following transactions
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Propiem -JA (Aigo) Computing ana revising aepreciation, selling plant assets LO CZ, P1, P2 Check my work Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $23,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,850. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,500 cash. s Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost es Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 0 Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Journal entry worksheet Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit January 01, Year 1 Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. 5 Date General Journal Debit Credit December 31, Year 1 rnal entry worksheet 1 2 3 4 5 > cord the year-end adjusting entry for the depreciation expense of the ivery truck. Enter debits before credits. Date General Journal Debit Credit ember 31, Year 2 JUUillal entry worksheetStep by Step Solution
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