Inferring Asset Age and Recording Accidental Loss on a Long-Lived Asset (Straight-Line Depreciation)
On January 1, 2012, the records of Seward Corporation showed the following regarding a truck:
Equipment (estimated residual value, $8,000) | $18,000 |
Accumulated depreciation (straight-line, three years) | 6,000 |
On December 31, 2012, the delivery truck was a total loss as the result of an accident.
Required:
1. Based on the data given, compute the estimated useful life of the truck.
2. Give all journal entries with respect to the truck on December 31, 2012. Show computations.
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