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please make answers visible when posted, thank u 34 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1
please make answers visible when posted, thank u
34 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $20,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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 joumal entries to record these transactions and events Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required IC 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 ide remaining Total depreciation for Year 2 2,700 Required 13 > Step by Step Solution
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