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Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $ 2 0 , 5 1 5 cash
Yoshi Company completed the following transactions and events involving its delivery trucks.
Year
January Paid $ cash plus $ in sales tax for a new delivery truck estimated to have a fiveyear life and a $ salvage value. Delivery truck costs are recorded in the Trucks account.
December Recorded annual straightline depreciation on the truck.
Year
December The trucks estimated useful life was changed from five to four years, and the estimated salvage value was increased to $ Recorded annual straightline depreciation on the truck.
Year
December Recorded annual straightline depreciation on the truck.
December Sold the truck for $ cash.
Required:
a Calculate depreciation for Year
b Calculate book value and gain loss for sale of Truck on December Year
c Prepare journal entries to record these transactions and events.
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There are 3 Steps involved in it
Step: 1
1a Calculate depreciation for Year 2 Depreciation expense per year is calculated using the straightl...
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
