smita corporation

Project Description:

on january 1, 2012, the records of smita corporation showed the following:

truck (estimated residual value, $6,000) $ 36,000
accumulated depreciation (straight line, two years) 12,000

on september 30, 2012, the delivery truck was a total loss as a result of an accident. as the truck was insured, the company collected $11,200 cash from the insurance company on october 5, 2012.

1. based on the data given, compute the estimated useful life of the truck.

estimated useful life years

2. prepare all journal entries to record the events that occurred on september 30 and october 5, 2012, and the related adjustments to the accounts. (do not round intermediate calculations. omit the "$" sign in your response.)
Skills Required:
Project Stats:

Price Type: Negotiable

Total Proposals: 3
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