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On July 1, 2023, Sweet Acacia's Greenhouse purchased a new delivery truck for $107,000. She paid $20,000 cash and signed a promissory note for the
On July 1, 2023, Sweet Acacia's Greenhouse purchased a new delivery truck for $107,000. She paid $20,000 cash and signed a promissory note for the remainder. Sweet Acacia estimates that the delivery truck will have a five-vear useful life, or 200,000 kilometres and a residual value of $7,000. Sweet Acacia's Greenhouse has a December 31 year end. Calculate the gain or loss on disposal for the following three independent situations: Sweet Acacia sold the truck for $39,450 on January 1.2027. Use the straight-line method. on disposal 5 Sweet Acacia sold the truck for $31,500 on danuary 1,2027, Use the straight -line method Sweet Acacia sold the truck for $31,500 on January 1, 2027. Use the straight-line method. on disposal Question Part Score Sweet Acacia sold the truck for $25.600 on July 1. 2027. Use the straight-line method. on disposal Sweet Acacia sold the truck for $25,600 on July 1,2027. Using the straight-line method, prepare the journal entries for the above situation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries)
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