On August 1, 2020, Boom Fireworks purchases a Box Truck to complete delivers for the upcoming New Years season and going forward. The cost of the Truck is $55,000 , the company uses straight line depreciation and the useful life is 5 years. Boom Fireworks puts $0 on the salvage value. What is the amount of Annual Depreciation? How much is expensed each month? On July 1 of 2023, the company decided to begin outsourcing their deliveries and sold the truck on July 31 for $28,000. What was the book value of the Truck when sold? Did the company report a Gain or a Loss or neither? What was the amount of the Gail or Loss there was one?

Answer rating: 100% (QA)

To calculate the annual depreciation and the amount expensed each month well first find the depre... View the full answer