Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid...
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Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal
Expert Answer:
Answer rating: 100% (QA)
olutiona Depreciation for year2017 This is a problem of change in estimate and if there is a change ... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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4. The table below shows the daily closing values of the S&P 500 index, along with the daily prices for the S&P 500 futures contract with maturity date October 29 of the same year. The futures...
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Use observer pattern, Provide class diagram for system to include classes Stock System, User A,User B.Your design should be easy to introduce new types of user components (eg user C) interested in...
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A horizontal force of 206 N pulls an 18 kg cabinet across a level floor. Find the acceleration of the cabinet if -0.6.
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AU = Q-W. 1000 800 P (kPa) 600 400 200 N 350 K C B 0.02 0.04 V (m) 0.06 W= P.AV Consider the thermodynamic process, A->B->C->A shown above. The change in internal energy during B->C is -14557J. What...
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A 26 kg box is pushed up a slope of 22 by a force of 362 N. If the kinetic friction coefficient is 0.5, calculate the acceleration of the box.
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When a myopic person uses glasses to better see far away objects, they are seeing virtual projections of the objects. These images are enlarged. A. True B. False
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3 ) Think of an example ( any source or process, hypothetical or real ) in which the change of energy is approximately 1 J . Give another example in which the energy changes by 1 kJ , and a third...
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Substitute the value for the probability PN given by equation (11.8), in the Boltzmann expression for the entropy, namely S=-kP., log PN.1 N to show that for the grand canonical ensemble...
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The financial statements of Eastern Platinum Limited (Eastplats) are presented in Appendix A at the end of this textbook. Instructions (a) Does East plats report any investments on its statement of...
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Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 2 Sold...
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Flagstaff Systems issues bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds have a $ 90,000 par value and an annual contract rate of 12%, and they...
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Switch Co. manufactures a single product in one department. Direct labor and overhead are added evenly throughout the process. Direct materials are added as needed. The company uses monthly reporting...
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At 30 June 2024, the accountant for Woodbine Construction, Mary Ellam, is preparing the financial statements for the year ended on that date. To calculate the annual leave payable, the accountant had...
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How would each of the following liabilities be classified (current, non-current, or both) at the end of the financial year? Unearned revenue Accrued expenses Provision for warranty repair costs...
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The following were among transactions of Everluck Enterprises Ltd during the financial years ending 30 June 2023 and 30 June 2024. Required Record in general journal form all the above transactions,...
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