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Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a
Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Decenber 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 Decenber 31 Recorded annual straight-2ine depreciation on the truek. Decenber 31 Sold the truck for $5,300 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and events. Journal entry worksheet 5 Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Journal entry worksheet
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