- Moose Jaw Marketplace Company, who has a year-end date of June 30, 2023, disposed of...

  

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- Moose Jaw Marketplace Company, who has a year-end date of June 30, 2023, disposed of a truck on June 1, 2023. The asset had a cost of $48,180, an estimated residual value of $4,800, an estimated useful life of 8 years or 237,000 kms, and accumulated depreciation at the start of the fiscal year of disposal of $10,846. In the year of disposal, the company used the truck for 24,169 kms. On disposal, they received proceeds of $18,068. There were no changes to any estimates, and the asset was purchased at the start of the fiscal year in which it was purchased. Answer the following questions about the disposal, calculating all answers to the nearest dollar (unit-of-production, calculate the rate per unit to three decimal places): (mies). a) b) Calculate the amount of depreciation for the truck in the final year of disposal (2023) using the Straight-Line method and provide the journal entry. Calculate the gain/loss on disposal of the truck and provide the journal entry. - Moose Jaw Marketplace Company, who has a year-end date of June 30, 2023, disposed of a truck on June 1, 2023. The asset had a cost of $48,180, an estimated residual value of $4,800, an estimated useful life of 8 years or 237,000 kms, and accumulated depreciation at the start of the fiscal year of disposal of $10,846. In the year of disposal, the company used the truck for 24,169 kms. On disposal, they received proceeds of $18,068. There were no changes to any estimates, and the asset was purchased at the start of the fiscal year in which it was purchased. Answer the following questions about the disposal, calculating all answers to the nearest dollar (unit-of-production, calculate the rate per unit to three decimal places): (mies). a) b) Calculate the amount of depreciation for the truck in the final year of disposal (2023) using the Straight-Line method and provide the journal entry. Calculate the gain/loss on disposal of the truck and provide the journal entry.

Answer rating: 100% (QA)

a StraightLine Depreciation for the Truck in the Final Year of Disposal 2023 Cost of Truck 48180 Est... View the full answer