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please help fill in the gaps Depreciation and overhauls Branson Ltd owns two delivery vehicles (each with a residual value of $5,000 and useful life
please help fill in the gaps
Depreciation and overhauls Branson Ltd owns two delivery vehicles (each with a residual value of $5,000 and useful life of 4 years) and uses the stra and transactions occurred during the first 3 financial years. Required Prepare the general journal entries to record the transactions of Branson Ltd as they relate to both vehicles from 1 July 2019 to 30 June 2022. Instructions: - Please include commas in your amounts to separate thousands in your amounts (do not include spaces or dollar signs). - Round amounts to whole numbers (nearest dollar). - Copy and paste the relevant account name from Table 1 below when completing the general journal entries: !ivery vehicles) 1 July 2021 (To record overhaul costs on delivery truck) 1 July 2021 (To record write-off of parts replaced) (To record acquisition of two-way radio for the van) Note: while the question information states the two way radio was purchased to increase efficiency, this treatment in this solution is to record and depreciate as a separate asset from the delivery van, because the radio has a longer useful life and can be removed and installed in another vehicle at the end of the van's useful life. 30 June 2022 Depreciation Expense - Delivery Vehicles Accumulated Depreciation - Delivery Vehicles (To record total depreciation expense on both delivery vehicles) (Truck =9,977, Van =10,330 ) ROUNDED Depreciation Expense - communication equipment Accumulated Depreciation - communication equipment (To record depreciation expense on communication equipment) (radio 1,600/6 = 266.67 or 267) Workings - depreciation on delivery truck Delivery truck: Carrying amount prior to improvement ($61460$28230) Add: Cost of improvement (major overhaul) Less: Cost of parts replaced Less: Residual value Revised depreciable amount Remaining useful life Revised annual depreciation - rounded 267 267 $33,230 3,700 (2,000) (5,000) $29,930 3 years $9,976.66 or 9,977
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