Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $25,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. December 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 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,400 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. X Answer not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,400 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. $ 26,950 4,960 Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 21,990 2,810 X 19, 180 X 3 $ 6,393 (Required 1A Required 1B > 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1c Calculate book value and gain (loss) for sale of Truck 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 Book value of truck at 12/31/Year 3 4,960 6,480 X 6,480 X 17,920 Total cost $ Accumulated depreciation Book value Loss on sale of truck 26,950 (17,920) X 9,030 X 3,530 X $ $ Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Prepare journal entries to record these transactions and events. No Date General Journal Debit Credit 1 January 01, Year 1 Trucks 26,950 >> Cash 26,950 2 4,960 December 31, Year Depreciation expenseTrucks Accumulated depreciationTrucks 4,960 3 December 31, Year Depreciation expense-Trucks Accumulated depreciationTrucks oo OO 4 December 31, Year Depreciation expenseTrucks Accumulated depreciationTrucks 5 December 31, Yeal Cash Accumulated depreciation-Trucks Loss on exchange of assets Trucks
