On January 1, 2010, the records of Pastuf Corporation showed the following regarding a truck: Equipment (estimated
Question:
On January 1, 2010, the records of Pastuf Corporation showed the following regarding a truck:
Equipment (estimated residual value, $4,000) ........$18,000
Accumulated depreciation (straight-line, three years) ...... 6,000
On December 31, 2010, 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, 2010. Show computations.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Req 1 Depreciation expense per year 6000 accumulated dep...View the full answer
Answered By
Muhammad adeel
I am a professional Process/Mechanical engineer having a vast 7 years experience in process industry as well as in academic studies as a instructor. Also equipped with Nebosh IGC and lead auditor (certified).
Having worked at top notch engineering firms, i possess abilities such as designing process equipment, maintaining data sheets, working on projects, technical biddings, designing PFD and PID's etc.
Having worked as an instructor in different engineering institutes and have been involved in different engineering resrearch projects such as refinery equipment designing, thermodynamics, fluid dynamics, chemistry, rotary equipment etc
I can assure a good job within your budget and time deadline
52+ Reviews
60+ Question Solved
Related Book For 
Question Posted:
