Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all questions. for 1C please do journal entries idk if it's clear Yoshi Company completed the following transactions and events involving its delivery

please answer all questions. for 1C please do journal entries idk if it's clear image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 paid $25,015 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-1ine 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. Year 3 December 31 Recorded annual straight-1ine depreciation on the truck. December 31 sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1.b. Caiculate 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. Calculate depreciation for Year 2. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Prepare fournal entries to record these transactions and events. Record the total cost of the new delivery truck. Record the year-end adjusting entry for the depreciation expense of the delivery truck. Record the year-end adjusting entry for the depreciation expense of the delivery truck. 4 Record the year-end adjusting entry for the depreciation expense of the dellvery truck. 5 Record the sale of the delivery truck for $5,500 cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

3rd Edition

0131494910, 9780131494916

More Books

Students also viewed these Accounting questions