Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tarrington Company sold a delivery truck on April 1, 2013. Swann had acquired the truck on January 1, 2009, for $75,000. At acquisition, Tarrington had
Tarrington Company sold a delivery truck on April 1, 2013. Swann had acquired the truck on January 1, 2009, for $75,000. At acquisition, Tarrington had estimated that the truck would have an estimated life of 10 years and a residual value of $5,000. At 31, 2012, the truck had a book value of $47,000. Tarrington uses the straight-line method. Required Hide la. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $46,350 For compound entries, if an amount box does not require an entry, leave it blank or enter Depreciation Depreciation Expense Accumulated Depreciation 1750 46350 CACcumulated Depreciation Gain on Disposal of Property, e 1100 Show All Feedback Hide lb. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $43,3 For compound entries, if an amount box does not require an entry, leave it blank or enter 00: ated Depreciation 1750 Sale Accumulated Depreciation Show All Feedback Hide 3. Assume that Tarrington uses IFRS and sold the truck for $46,350. In addition, Tamington had previously recorded a revaluation surplus related to this machine of $3,200. What journal entries are required to record the sale? For compound entries, if an amount box does not require an entry, leave it blank or enter "O". 1750 April lated Depreciation 1750
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started