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i need a bit of help, thank you! Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid
i need a bit of help, thank you!
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $22,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required 1A Required 1B Required 10 Calculate depreciation for Year 2. Total cost 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 1A Required 1B Required 10 Calculate book value and gain (loss) for sale of Truck on Decem 0 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 Book value 12/31/Year 3 Required 1A Required 1B Required 10 Prepare journal entries to record these transactions and events. No Date General Journal Debit Credit 1 Jan 01, Year 1 Trucks 23,950 Cash 23,950 2 Dec 31, Year 1 4,330 Depreciation expense-Trucks Accumulated depreciation-Trucks 4,330 3 Dec 31. Year 2 5,773 Depreciation expense-Trucks Accumulated depreciation --Trucks 5,773 4 Dec 31, Year 3 Depreciation expense --Trucks Accumulated depreciation-Trucks O 5 Dec 31, Year 3 Cash Accumulated depreciation-Trucks Loss on disposal of trucks Trucks Step by Step Solution
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