6 2 3 4 5 1 2 3 4 Swann Company sold a delivery truck on...

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6 2 3 4 5 1 2 3 4 Swann Company sold a delivery truck on April 1, 2016. Swann had acquired the truck on January 1, 2012, for $39,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. At December 31, 2015, the truck had a book value of $10,300. Required: 1. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for: a. $10,125 b. $6,725 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses IFRS and sold the truck for $10,125. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000. What journal entries are required to record the sale? Prepare the necessary journal entries on April 1, 2016 to record: 1. depreciation expense of the delivery truck for 2016 2. the sale of the truck, assuming it sold for $10,125 All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 9 GENERAL JOURNAL ACCOUNT TITLE DATE 1 Apr. 1 Cash 2 Accumulated Depreciation 3 Trucks Revaluation Surplus Prepare the necessary journal entries on April 1, 2016 to record: 1. depreciation expense of the delivery truck for 2016 2. the sale of the truck, assuming it sold for $6,725 How does grading work? ACCOUNT TITLE DATE Apr. 1 Cash Depreciation Expense Accumulated Depreciation Cash 5 Trucks GENERAL JOURNAL Score: 41/75 POST. REF. DEBIT CREDIT 10,125.00 29,375.00 39,500.00 4,000.00 PAGE 9 Score: 48/75 POST. REF. DEBIT CREDIT 10,125.00 2,825.00 1,350.00 14,300.00 6 Loss on Disposal of Property, Plant, and Equipment Assume that Swann uses IFRS and sold the truck for $10,125. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000. 1. depreciation expense of the delivery truck for 2016 2. the sale of the truck, assuming it sold for $10,125 3. other adjustments related to removing the delivery truck from the books Question not attempted. DATE ACCOUNT TITLE 1 GENERAL JOURNAL POST. REF. DEBIT PAGE 9 Score: 0/100 CREDIT 6 2 3 4 5 1 2 3 4 Swann Company sold a delivery truck on April 1, 2016. Swann had acquired the truck on January 1, 2012, for $39,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. At December 31, 2015, the truck had a book value of $10,300. Required: 1. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for: a. $10,125 b. $6,725 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses IFRS and sold the truck for $10,125. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000. What journal entries are required to record the sale? Prepare the necessary journal entries on April 1, 2016 to record: 1. depreciation expense of the delivery truck for 2016 2. the sale of the truck, assuming it sold for $10,125 All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 9 GENERAL JOURNAL ACCOUNT TITLE DATE 1 Apr. 1 Cash 2 Accumulated Depreciation 3 Trucks Revaluation Surplus Prepare the necessary journal entries on April 1, 2016 to record: 1. depreciation expense of the delivery truck for 2016 2. the sale of the truck, assuming it sold for $6,725 How does grading work? ACCOUNT TITLE DATE Apr. 1 Cash Depreciation Expense Accumulated Depreciation Cash 5 Trucks GENERAL JOURNAL Score: 41/75 POST. REF. DEBIT CREDIT 10,125.00 29,375.00 39,500.00 4,000.00 PAGE 9 Score: 48/75 POST. REF. DEBIT CREDIT 10,125.00 2,825.00 1,350.00 14,300.00 6 Loss on Disposal of Property, Plant, and Equipment Assume that Swann uses IFRS and sold the truck for $10,125. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000. 1. depreciation expense of the delivery truck for 2016 2. the sale of the truck, assuming it sold for $10,125 3. other adjustments related to removing the delivery truck from the books Question not attempted. DATE ACCOUNT TITLE 1 GENERAL JOURNAL POST. REF. DEBIT PAGE 9 Score: 0/100 CREDIT