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Jokoy Company completed the following transactions and events involving its delivery trucks. Depreciation for the year is recorded at the end of year on Dec

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Jokoy Company completed the following transactions and events involving its delivery trucks. Depreciation for the year is recorded at the end of year on Dec 31 Year 1 January 1 Paid $22,015 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trueks 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 $2,700. Recorded annual straight-line depreciation on the truck. Assume change occured at beginning at Year 2 (Jan 1) Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 sold the truck for $5,500 cash Required: 1-3. Calculate depreciation for Year 2 with changes in useful life and salvage value noted above 1.6. 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 18 Required 1C Calculate depreciation for Year 2 Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated

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