Question
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $22,015 cash plus $1,785 in sales tax for a
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $22,015 cash plus $1,785 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. Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the trucks estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,850. Recorded annual straight-line depreciation on the truck. 2018 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for year 2017. 1-b. Calculate book value and gain (loss) for sale of Truck on December, 2018. 1-c. Prepare journal entries to record these transactions and events.
Then C) 5 journal entries
9 Yoshi Company completed the following transactions and events involving its delivery trucks 2016 Jan. 1 Paid $22,015 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to 13.75 points $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. our years, and the estinated salvage va four years, and the estimated salvage value was increased to $2,850. Recorded annual straight-line depreciation on the truck eBook 2018 Dec. 31 Recorded annual straight-line depreciation on the truck. Print Dec. 31 Sold the truck for $5,500 cash Required 1-a. Calculate depreciation for year 2017. 1-b. Calculate book value and gain (loss) for sale of Truck on December, 2018. 1-c. Prepare journal entries to record these transactions and events. References Complete this question by entering your answers in the tabs below Required 1A Required 1B Required 1C Calculate depreciation for year 2017 Total cost Less accumulated depreciation (from 2016) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for 2017 Required 1A Required 1BStep by Step Solution
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