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Please explain. Aiken Company owns a truck that was purchased 4 years ago. The company spent $4,000 to replace the transmission which will extend the
Please explain.
Aiken Company owns a truck that was purchased 4 years ago. The company spent $4,000 to replace the transmission which will extend the useful life by 2 years. Which of the following choices represents the journal entry necessary to record this transaction? Multiple Choice Liab Equity | Rev Exp. Net Inc. Cash Flow Cash (4,000) Assets Truck nia Acc Dep. n/a n/a (4.000) || n/a 4,000 (4.000) (4.000) OA Liab Equity | Rev Exp. Net Inc Cash Flow Cash (4.000) Assets Truck 4.000 Acc Lep. n/a n/a na n/a n/a (4.000) IA Liab Equity Rev. Exp Net Inc Cash Flow Assets Cash Truck (4.000) n/a Ace Dep 14.000 nia nia nia n/a n/a (4.000) IA Liab Equity | Rev. . Net Inc Cash Flow Assets Cash Truck (4,000) n/a Acc Dep. n/a nla 14,000) n/a 4,000 14.000) (4,000) IAStep by Step Solution
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