Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Yoshl Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $22.015 cash plus $1,785 in salon tax for

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Yoshl Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $22.015 cash plus $1,785 in salon tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucke 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 WAB 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 coah. 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, Complete this question by entering your answers in the tabs below. Required 1A Required 16 Required 10 Calculate depreciation for Year 2 s 23.800 4.300 19,500 Total cost Less accumulated depreciation (from Yoar 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 0 Required 18 > Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $22,015 cash plus $1,795 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck coats are recorded in the Trucka account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck'sentimated 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 canh Required: 1-a. Calculate depreciation for Year 2 1-6. 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. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C 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 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 0 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1c Prepare Journal entries to record these transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 Record the total cost of the new delivery truck Note: Enter debits before credits Date General Journal Dobit Credit January 01, Year 1 Record entry Clear entry View general journal Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits Dato General Journal Debit Credit December 31, Year 3 Record entry Clear entry View general Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Linear Algebra And Its Applications

Authors: David Lay, Steven Lay, Judi McDonald

6th Global Edition

9781292351216

Students also viewed these Accounting questions