Question
Problem 10-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed the following transactions and events involving its delivery trucks.
Problem 10-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2
Yoshi Company completed the following transactions and events involving its delivery trucks.
2016
Jan. | 1 | Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,450 salvage value. Delivery truck costs are recorded in the Trucks account. | ||
Dec. | 31 | Recorded annual straight-line depreciation on the truck. |
2017
Dec. | 31 | Due to new information obtained earlier in the year, the trucks 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. |
2018
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 2017. 1-b. Calculate book value and gain (loss) for sale of Truck on December, 2018. 1-c. Prepare journal entries to record these transactions and events.
Required 1A
Required 1B
Required 1C
Calculate depreciation for year 2017.
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Required 1B
Required 1C
Calculate book value and gain (loss) for sale of Truck on December, 2018.
Prepare journal entries to record these transactions and events. Journal entry worksheet Record the total cost of the new delivery truck. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck.
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Journal entry worksheet
Record the year-end adjusting entry for the depreciation expense of the delivery truck.
Journal entry worksheet
Record the year-end adjusting entry for the depreciation expense of the delivery truck.
Journal entry worksheet
Record the sale of the delivery truck for $5,500 cash.
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