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please help me with this problem :) Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $23,515
please help me with this problem :)
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $23,515 canh plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and $2,150 salvage value. Delivery truck contrare recorded in the Trucke account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,550. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 sold the truck for $5,400 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate 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. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Year 1 January 1 Paid $23,515 aash plus $1,935 in sales tax for a new delivery truek 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-line depreciation on the truck. Year 2 December 31 The truck' estimated useful life was changed from five to four yearn, and the estimated salvage value was increased to $2,550. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 sold the truck for $5,400 cash. Required: 1-a. Calculate depreciation for Year 2. 1-6. Calculate 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. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense is Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 1 Year 1 January 1 Paid $23,515 cash plus $1.935 in Rales tax for a new delivery truck antimated to have a five-year life and $2,150 salvage value. Delivery truck coats are recorded in the Truek account. December 31 Recorded angel straight-line depreciation on the true. Year 2 December 31 The truek estimated useful life was changed from five to four years, and the estimated salvage value van increased to $2,550. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 told the track for 55,400 cael Required: 1. Calculate depreciation for Year 2 1-b. Calculate 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. Complete this question by entering your answers in the tabs below. Required in Required 10 Required 10 Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits General Journal Debit Credit Date December 31, Year 3 1 1 Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Bold the truck for $5,400 cash. Required: 1-a. Calculate depreciation for Year 2. 1-6. Calculate 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. nts Shipped Complete this question by entering your answers in the tabs below. Print Required 1A Required 18 Required 10 Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet Step by Step Solution
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