Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On October 1, 2018 Brock Construction Group Inc. purchased two new vehicles for a total cost of $110000 (or $55000 each). They depreciate all of
On October 1, 2018 Brock Construction Group Inc. purchased two new vehicles for a total cost of $110000 (or $55000 each). They depreciate all of their vehicles using the declining balance method of depreciation, and a rate of 30% per year. Each vehicle is expected to have a salvage value of $7,500. Part-way through 2020, Brock Construction Group Inc. sold one of their vehicles. The sale took place on November 30, 2020 and the company received $25000, in cash, for the sale of the vehicle. The following table has been provided for your assistance only - no marks are provided for this table. Accumulated Depreciation Date Depreciation Expense Cost Net Book Value Required Prepare the journal entry to record the depreciation at Dec. 31, 2018, Dec. 31, 2019, Dec. 31, 2020, as well as the journal entry to record the disposal on November 30, 2020. Brock Construction Group Inc. General Journal Date Account Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started