Question
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,790. June 11
Quality Move Company made the following expenditures on one of its delivery trucks:
Mar. 20 | Replaced the transmission at a cost of $1,790. |
June 11 | Paid $1,215 for installation of a hydraulic lift. |
Nov. 30 | Paid $55 to change the oil and air filter. |
Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.
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A Kubota tractor acquired on January 8 at a cost of $216,000 has an estimated useful life of ten years. Assuming that it will have no residual value.
a. Determine the depreciation for each of the first two years by the straight-line method.
First Year | Second Year |
$ | $ |
b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answer to the nearest dollar.
First Year | Second Year |
$ | $ |
A diesel-powered tractor with a cost of $126,640 and estimated residual value of $6,100 is expected to have a useful operating life of 49,000 hours. During April, the tractor was operated 200 hours.
Determine the depreciation for the month. If required, carry out any division to two decimal places. $
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