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I can't figure out what to put in for cash? I need help with that issue. On July 1, 2016, Farm Fresh Industries purchased a
I can't figure out what to put in for cash? I need help with that issue.
On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $295,800. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $27,000. On March 1, 2021, the truck was sold for $135,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to update depreciation 2021 2. Prepare the journal entry to record the sale of the truck. 3. Assuming that the truck was instead sold for $157,000, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Assuming that the truck was instead sold for $157,000, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event Debit Credit 1 1 156,800 General Journal Accumulated depreciation Cash Truck 295,800
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