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Q6. On January 1 of the current year, the records of the Kouri Corporation showed the following regarding a truck: Equipment (estimated residual value, $8,200
Q6. On January 1 of the current year, the records of the Kouri Corporation showed the following regarding a truck: Equipment (estimated residual value, $8,200 ) Accumulated depreciation (straight-line, three years) $23,600 Assume that the original purchase date of the truck was January 1. On December 31 of the current year, the delivery truck was a total loss as the result of an accident. a. Based on the data given, compute the estimated useful lilfe of the truck. Depreciable value Depreciation per year Estimate life (years) \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \end{tabular} b. Prepare the journal entry for the loss of the truck on December 31 of the current year. \begin{tabular}{|c|r|r|r|} \hline \multicolumn{7}{|c|}{} & & DEBIT & CREDIT \\ \hline> & & & \\ \hline & & & \\ \hline \end{tabular} c. Prepare the journal entry for the loss of the truckassuming the company received $10,500 from the insurance company. \begin{tabular}{|r|r|r|r|} \hline & & DEBIT & CREDIT \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}
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