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On January 1st, 20X1, ABC Company purchased a work truck. Details on this truck are as follows: a) Complete the following chart using the straight
On January 1st, 20X1, ABC Company purchased a work truck. Details on this truck are as follows: a) Complete the following chart using the straight line method. b) Complete the following chart using the declining-balance method. c) Complete the following chart using the units-of-production method. Assume that the truck has a useful life of 100,000 miles and was used 30,000 miles in Year 1,30,000 miles in Year 2,20,000 miles in Year 3, and 22,000 miles in Year 4. a) What is the accumulated depreciation of the truck on January 1,203. b) What is the book value of the truck on January 1,203. c) What is the gain or loss on the sale of the truck? d) What is journal entry to record the sale of the truck
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