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i need answer and show me work problem 15 YouTube Bill's Photos buys a truck on 4/1/2000 for the business. The cost is 150,000 and
i need answer and show me work problem 15
YouTube Bill's Photos buys a truck on 4/1/2000 for the business. The cost is 150,000 and they expect to use it for 6 years and expect a salvage value at that time of $6,000. Use straight line depreciation. PAY ATTENTION TO THE DATES 9. Describe the purchase of the truck with a journal entry Credit DATE h Account truck Debit Describe the first MONTHS depreciation with a journal entry: DATE 10. Credit Debit 2o00 Account 11200 200U 11 Create the T-accounts for the acounts in #1 and #2 and show the balance at 4302000 truck AVP 150000 i50,000 GIVEN-nothing required 2000 12 They decide to sell the truck on 10/31/205 What is the net book value at this tme? 13. The truck is sold for 12,000 cash on 10/31/2006 Describe this with a journal entry Assume they used mles driven as the mothod the same 000 salvage value DOLL rk Help Wit X @ Home! Cheggcom 20ex Begining wt 0510 YouTube 11 Create the T-accounts for the accounts A/P truck 150000 50000 GIVEN required Goed 200 2000 12 They decide to sell the truck on 1031/205 What is the net book value at this time? -13. The truck is sold for 12,000 cash on 10/31/2006. Describe this with a journal entry -Go back to the original assumptions. Assume they used miles driven as the method of depreciation. They believe it will be used 100,000 miles with the same 6,000 salvage value. 14. Describe the first months depreciation if they drive the truck 3,000 miles. DATE Account Debit Credit 15. If they drive it for 90,000 miles and sell it for 5,000, create the journal entry DATE Account Debit Credit Step by Step Solution
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