Question $12$ of $14$

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Whispering Corporation purchased a delivery truck in early January $2023.$ The truck cost $$85,200,$ and was to be depreciated over $8$ years, assuming no residual value. Whispering decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of $2024$ was $$68,160.$

Prepare the journal entries to revalue the truck on December $31,2024$ assuming Whispering uses the asset adjustment method. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts. List all debit entries before credit entries.$)$

Date

Dec. $31$

Depreciation Expense $$

Accumulated Depreciation $-$ Vehicles $$

$($To eliminate the accumulated depreciation$)$

Dec. $31$

Dec. $31$

$$

$$

$$

$$