Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The GST is 10%. Please help me! For this question record the straight line depreciation and sale of the following asset. On ( 1^{text {th
The GST is 10%. Please help me!
For this question record the straight line depreciation and sale of the following asset. On \\( 1^{\\text {th }} \\) October 2021 delivery truck was purchased for \\$S5000 including GST. The service contract was paid for the truck for the first years at \\( \\$ 1000 \\) plus GST per year Before delivery a GPS Tracking System was installed for \\( \\$ 2000 \\) plus GST and an Alarm System was installed for \\( \\$ 1100 \\) including GST. The truck was painted for \\( \\$ 5000 \\) plus GST and an in-caf entertainment \\( 5 y \\) stem was installed for \\( \\$ 2000 \\) plus GST. The truck was also delivered with an extended warranty for \\( \\$ 2800 \\) plus GST The first year's insurance for the truck was also paid for a total of \\( \\$ 2820 \\) including GST. The truck has a useful life of 10 years and has a scrap value \\( \\$ 12000 \\) at the time. The truck was sold 31 August 2025 for \\( \\$ 48500 \\) cash. The financial year ends on 31 December. Complete the depreciation table for this truck. In the following General Journal and Ledgers: 1) Record and Post the Depreciation 2) Record and Post the Sale of the truck. Depreciation and Sale of Assets Mock Depreciation and Sale of Assets Mock \\begin{tabular}{|l|l|l|l|} \\hline Detali & Amt Date & Detail \\\\ \\hline & & & \\\\ \\hline & & & \\\\ \\hline & & & \\\\ \\hline & & \\\\ \\hline \\end{tabular} Depreciation and Sale of Assets Mock Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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