Homework Answers
Answer:
| Journal entry- | |||
| S.No. | Account titles and Explanation | Debit ($) | Credit ($) |
| 1 | Trucks (new) | 44,025 | |
| Accumulated Depreciation* | 9,065 | ||
| Loss on Disposal of Trucks ** | 4,120 | ||
| Trucks (old) | 28,920 | ||
| Cash | 28,290 | ||
| *Accumulated Depreciation = ($28,920 - $6720) * 49 months/120 months = $9,065 | |||
| ** Loss on Disposal of Trucks- | |||
| Book Value = $28920 - $9,065 = $19,855 | |||
| Loss = Book value - Trade-in | |||
| = $19,855 - $15735 = $4120 | |||
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Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
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Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
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