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Question 4 ( 1.5 points) TNT Spain acquired recently a delivery truck in order to reinforce its distribution network in the South of the country. The acquisition value of the truck was $75,000, it has an expected useful life of 5 years, and a $7,500 expected residual (=salvage) value. Required: (Solve this exercise on the ANSWERSHEET ) a. Prepare a tabular comparison of the annual depreciation and book value for each year under straight-line and Double Declining Balance depreciation (0.5 points) b. Assume straight-line depreciation is used. 3 years after the purchase, and after using the truck less than expected, TNT Spain decided to change the useful life from 5 years to 6 years. Calculate depreciation expense for year 4. (0.5 points) c. Assume TNT Spain chooses the straight-line method with a useful life of 5 years and a residual value of 7,500. What would be the journal entry if TNT Spain sells the truck for 35,000 (cash) after 3 years? ( 0.5 points) Note: Points b. and c. are independent questions. You can ignore b. for solving c. and you can ignore c. for solving b. a. Straight Line DDB Method \begin{tabular}{|c|c|c|c|c|} \hline & Depreciation Expense & Book Value at the end of year & Depreciation Expense & Book Value at the end of year \\ \hline Year 1 & & & & \\ \hline Year 2 & & & & \\ \hline Year 3 & & & & \\ \hline Year 4 & & & & \\ \hline Year 5 & & & & \\ \hline \end{tabular} b. c. Question 4 ( 1.5 points) TNT Spain acquired recently a delivery truck in order to reinforce its distribution network in the South of the country. The acquisition value of the truck was $75,000, it has an expected useful life of 5 years, and a $7,500 expected residual (=salvage) value. Required: (Solve this exercise on the ANSWERSHEET ) a. Prepare a tabular comparison of the annual depreciation and book value for each year under straight-line and Double Declining Balance depreciation (0.5 points) b. Assume straight-line depreciation is used. 3 years after the purchase, and after using the truck less than expected, TNT Spain decided to change the useful life from 5 years to 6 years. Calculate depreciation expense for year 4. (0.5 points) c. Assume TNT Spain chooses the straight-line method with a useful life of 5 years and a residual value of 7,500. What would be the journal entry if TNT Spain sells the truck for 35,000 (cash) after 3 years? ( 0.5 points) Note: Points b. and c. are independent questions. You can ignore b. for solving c. and you can ignore c. for solving b. a. Straight Line DDB Method \begin{tabular}{|c|c|c|c|c|} \hline & Depreciation Expense & Book Value at the end of year & Depreciation Expense & Book Value at the end of year \\ \hline Year 1 & & & & \\ \hline Year 2 & & & & \\ \hline Year 3 & & & & \\ \hline Year 4 & & & & \\ \hline Year 5 & & & & \\ \hline \end{tabular} b. c