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Yoshi Company completed the following transactions and events involving its delivery trucks 2016 Jan. Paid $22,015 cash plus $1,935 in sales tax for a new
Yoshi Company completed the following transactions and events involving its delivery trucks 2016 Jan. Paid $22,015 cash plus $1,935 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 $2,450 salvage value. Delivery truck costs are recorded in the Trucks account. four years, and the estimated salvage value was increased to $2,550. 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 $5,300 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 Complete this question by entering your answers in the tabs below Required IARequired I Required 1C Calculate book value and gain (loss) for sale of Truck on December, 2018 Depreciation expense (for 2016) Depreciation expense (for 2017) Depreciation expense (for 2018) Accumulated depreciation 12/31/2018 Book value of truck at 12/31/2018 Total cost Accumulated depreciation Book value 12/31/2018 4,300 5,700 5,700 15,700 23,950 ss on sale of truck 2,950
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