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2. Weller Company purchased a truck for $65.000 on June 30, 2016. The company expected the...
QUESTION 2 On July 1, 2016, a company purchased a new delivery truck. The truck has...
QUESTION 2 On July 1, 2016, a company purchased a new delivery truck. The truck has a cost of $37,000, an estimated useful life of 5 years, and salvage value of $7,000. Assume that the company uses the double-declining balance method of depreciation, what is depreciation expense for 2019 OASO OB S 992 OC.$ 3,197 OD.$ 3,656 OE4,262
On July 9, 2019, Blane's purchased a truck for $27,000 with a $2,000 salvage value, is...
On July 9, 2019, Blane's purchased a truck for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Usethe partial year convention to depreciate fractional periods and straight-line. Note: you may not require all the given information to solve. If the truck was sold December 31, 2020 for $17,000, what is the required journal entry to record the sale.
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 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
truck’s estimated useful life was changed from five to four...
Coronado Towing Company purchased a tow truck for $190000 on January 1, 2016. It was originally...
Coronado Towing Company purchased a tow truck for $190000 on January 1, 2016. It was originally depreciated on a straight-line years with an assumed salvage value of $36000. On December 31, 2018, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2018) and the salvage value to $4000. What was the depreciation expense for 2018? Sign Up O $18000.
Part 3 (4 points) Haworth Manufacturing Company purchased a lathe on June 30, 2018, at a...
Part 3 (4 points) Haworth Manufacturing Company purchased a lathe on June 30, 2018, at a cost of $80,000. The residual value of the lathe was estimated to be $5,000 at the end of a five-year life. The lathe was sold on March 31, 2022, for $17,000. Haworth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. a> Calculate the amount of...
On January 1, 2016, Tremblay Transport purchased a $160,000 truck Tremblay plans on driving the truck...
On January 1, 2016, Tremblay Transport purchased a $160,000 truck Tremblay plans on driving the truck for 400,000 kilometers. Expected residual value for the truck is $40,000. On June 30, 2019, after having been driven 180 000 kilometers, the truck had an accident on the highway and Tremblay had to sell it for $42,000 cash. REQUIRED : Record the disposal of the truck on June 30, 2019, assuming the amortization expense for the truck to decembre 31, 2018 has already...
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used. Required: A. Prepare a sch
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used.Required: A. Prepare a schedule showing the calculation of the book value of the truck on December 31, 2019. B. Assume the truck is to be disposed of on May 1, 2020. Prepare the journal entry to record the depreciation for the four months ended April 30, 2020. C. Assuming...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected to last 5 years and to have a salvage value of $5,000. At the beginning of the machine's third year the company decided that the machine's estimated useful life should be revised to a total of 7 years instead of the original 5 years. Also, the salvage value was re-estimated to be $2,000. Straight-line depreciation will be used throughout the machine's life. 2a. Prepare...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use the partial year convention to depreciate fractional periods. Note: you may not require all the given information to solve. 1). Straight line depreciation expense for 2020 will be: 500 27,000-2,000/5=12/12 =5x1 =500 2). Show the journal entry to record depreciation for 2020 Depreciation expense 500 Accumulated Depreciation -Truck 500
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $23,515 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 truck's estimated useful life was changed from five to four...
QUESTION 2 On July 1, 2016, a company purchased a new delivery truck. The truck has a cost of $37,000, an estimated useful life of 5 years, and salvage value of $7,000. Assume that the company uses the double-declining balance method of depreciation, what is depreciation expense for 2019 OASO OB S 992 OC.$ 3,197 OD.$ 3,656 OE4,262
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 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
truck’s estimated useful life was changed from five to four...
Coronado Towing Company purchased a tow truck for $190000 on January 1, 2016. It was originally depreciated on a straight-line years with an assumed salvage value of $36000. On December 31, 2018, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2018) and the salvage value to $4000. What was the depreciation expense for 2018? Sign Up O $18000.
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected to last 5 years and to have a salvage value of $5,000. At the beginning of the machine's third year the company decided that the machine's estimated useful life should be revised to a total of 7 years instead of the original 5 years. Also, the salvage value was re-estimated to be $2,000. Straight-line depreciation will be used throughout the machine's life. 2a. Prepare...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $23,515 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 truck's estimated useful life was changed from five to four...
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