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Question 5 ( 2 0 marks ) Shula Company had the following transactions in Year 3 : July 3 1 - Sold a delivery truck
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Shula Company had the following transactions in Year :
July Sold a delivery truck for $ cash. The delivery truck originally cost
$ and had accumulated depreciation of $ on December Year
Depreciation is calculated on a decliningbalance basis using a rate of
August Equipment with a year useful life was purchased on January
Year for $ and was sold for $ The equipment had been
depreciated using the straightline method with an estimated residual value
of $ Depreciation expense was last recorded on December Year
Required
Prepare the appropriate journal entries based on the details provided. Use months re
your depreciation expense calculations. Please leave one empty row between each
journal entry.Shula Company had the following transactions in Year :
July Sold a delivery truck for $ cash. The delivery truck originally cost $ and had accumulated depreciation of $ on December Year Depreciation is calculated on a decliningbalance basis using a rate of
August Equipment with a year useful life was purchased on January Year for $ and was sold for $ The equipment had been depreciated using the straightline method with an estimated residual value of $ Depreciation expense was last recorded on December Year
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