Question: On January 1 2012 the Von Schoppe Company purchased a

On January 1, 2012, the Von Schoppe Company purchased a delivery truck for $20,000. The truck had an estimated useful life of six years and a salvage value of $2,000. On September 30, 2014, Von Shoppe sold the truck for $13,000. Von Shoppe uses the straightline method of depreciation and records depreciation on December 31.
a. Calculate the gain or loss on the disposal of the delivery truck.
b. Prepare all entries necessary on September 30, 2014.

Sale on SolutionInn
  • CreatedJuly 16, 2015
  • Files Included
Post your question