J&s Trucking - ALL ENTRIES FOR J&S ONLY) KEY for Accounting Component Assets A Journal Entry - JE Liabilities Stockholders' Equity - SE Accounting Component Account Debit (DR) Credit & Fiscal Year is based on calendar year (January 1st to December 31st). On the morning of December 30th, 2017 a J&s Truck driver accidentally backs up and hits a structural beam on the J&s building. On December 31st, 2017, Bob Sugar contracts out ABC Construction to fix the structural beam. Once they finished the job on December 31st, ABC provides an iwoice to the J&s Accountant for $2,500. What JE should the accountant do? On April 1st, 2018, J&s purchases a new delivery truck for $65,000. The expected salvage value is $20,000 and the delivery truck is expected to drive for 500,000 miles over its expected useful life of 5 years. Using the units-of- activity method, calculate the first years depreciation expense as of 12/31/2018 and do a JE? The delivery truck is estimated to be driven for 75,000 miles from 4/1/2018 to 12/31/18 6 On February 1st, 2019.J&s purchases a company vehicle 2019 Nissan Leaf for $40,000. The expected salvage value is $12,000 and the vehicle is expected to have a useful life of 7 years. Calculate the first years depreciation expense as of 12/31/2019, utilizing the double-declining method and do a JE? Calculate the second years depreciation as of 12/31/2020 and do a JE? 10476 12-31-19 Deprecientcon expenses familosted deprecestion. 1046 12-31-20 Depreciation expenses A wmulated depreciation 8435