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please make sure you have an answer for all the boxes in the journal entries Swann Company sold a delivery truck on April 1, 2019.
please make sure you have an answer for all the boxes in the journal entries
Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for \$45,000. At acquisition, Swann had eskimated that the truck would tuve an estimated lite of 5 years and a residual value of $3,000. Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $11,400. Required: 1. Propare any necessary joumal entries to record the sale of the truck, assuming if sold for: a. $10,850 b. $7,650 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses iffaS and sold the truck for \$10,850. in addition, Swann had previously recorded a revatuation surptus rotated to this machine of $3,500. What joumal entries are reguired to reconcithe sale? 1a. Prepare the necessafy joumal entries on April 1, 2019 to record: 1. Depreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it sold for $10,850 General Joutnal Instructions All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. All transoctions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE? 1b. Prepare the necessary journal entries on April 1, 2019 to record: 1. Depreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it sold for $7,650 Generaldoumal lostructions: All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work foedback. 3. Assume that Swann uses IFAS and sold the truck for $10,850. In addition, Swann had previously recorded a revaluation sumlus related to this machine of 53,500 1. Dopreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it sold for $10,850 3. Oiher adjustments related to removing the dellvery truck from the books Question not attempted Step by Step Solution
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