Lucky Company purchased a truck at a cost of $12,000 in 2012. As of January 1,...
Lucky Company purchased a truck at a cost of $12,000 in 2012. As of January 1, 2017, depreciation of $10,000 had been recorded on this asset. Depreciation expense for 2017 is $2,000. After the adjustments are recorded and posted at December 31, 2017, what is the carrying value of the truck?
a.$0
b.$5,500
c.$12,000
d.$2,000
Homework Answers
| Option A is the answer ($0) | ||||
|
Carrying value = Cost - Accumulated Depreciation - Depreciation expense for the year = 12,000 - 10,000 - 2,000 = 0 |
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Lucky Company purchased a truck at a cost of $12,000 in 2012. As
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