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Yoshi Company completed the following transactions and events involving its delivery trucks. Yoshi Company completed the following transactions and events involving its delivery trucks. Year
Yoshi Company completed the following transactions and events involving its delivery trucks.
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Oec. Year 2 Dec. Year 3 Dec. nec. 31 Paid $22, O! 5 cash plus $1, 635 in sales tax for a naw delivsry truck estimated to have a fiveyear life and a $2, 150 salvage value. Delivery truck costs are recorded in the I rucks account. Recorded armual straightline depreciation or; the track. The truck' s estimated useful life was changed from tc; four years, $2, 7 00. Recorded anrn_ral straightline depreciation on the truck. Recorded annual straightline depreciation on the truck. Sold the for $5, 600 cash. and the estimated salvage value was increased to Required: I-a. Calculate depreciation for Year 2. I-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. I-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required IA Required 1B Required IC Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 800k value of truck at 12/31,Year 3 Total cost Accumulated depreciation Book value 12/31,'Year 3 Required IA Required IC
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