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this one part still giving me trouble. Green is whats right, red is whats wrong. pls help. also delivery of truck isn't an option Exercise
this one part still giving me trouble. Green is whats right, red is whats wrong. pls help. also delivery of truck isn't an option
Exercise 11-11 (Algo) Disposal of property, plant, and equipment; partial periods (LO11-2] On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $219,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $27,000. On March 1, 2021, the truck was sold for $88,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to update depreciation in 2021. 2. Prepare the journal entry to record the sale of the truck. 3. Assuming that the truck was instead sold for $125,000, prepare the journal entry to record the sale. & Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req 3 Assuming that the truck was instead sold for $125,000, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 88,000 112,000 Cash Accumulated depreciation Truck Gain on sale of truck Loss on sale of truck 219,000 88,000 19,000 xStep by Step Solution
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