The following is a depreciation schedule for one of ABC's trucks. On January 1st of 20X3,...
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The following is a depreciation schedule for one of ABC's trucks. On January 1st of 20X3, ABC Company decides to sell the truck for $122,000. Depreciation Accumulated Year Expense Depreciation Book Value 20X1 50,000 50,000 20x2 50,000 100,000 20x3 50,000 150,000 175,000 125,000 75,000 Original cost $225,000 20x4 50,000 200,000 25,000 a) What is the accumulated depreciation of the truck on January 1, 20x3. b) What is the book value of the truck on January 1, 20x3. c) What is the gain or loss on the sale of the truck? S 26 d) What is journal entry to record the sale of the truck? 27 28 29 30 The following is a depreciation schedule for one of ABC's trucks. On January 1st of 20X3, ABC Company decides to sell the truck for $122,000. Depreciation Accumulated Year Expense Depreciation Book Value 20X1 50,000 50,000 20x2 50,000 100,000 20x3 50,000 150,000 175,000 125,000 75,000 Original cost $225,000 20x4 50,000 200,000 25,000 a) What is the accumulated depreciation of the truck on January 1, 20x3. b) What is the book value of the truck on January 1, 20x3. c) What is the gain or loss on the sale of the truck? S 26 d) What is journal entry to record the sale of the truck? 27 28 29 30
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a Accumulated Depreciation on January 1 20X3 The information provided directly tells you the accumul... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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