Problem $8-5$A $($Algo$)$ Computing and revising depreciation; selling plant assets LO C$2,$ P$1,$ P$2$

Yoshi Company completed the following transactions and events involving its delivery trucks.

Year $1$

January $1$Paid $$22,015$ cash plus $$1,935$ in sales tax for a new delivery truck estimated to have a five$-$year life and a $$2,300$ salvage value. Delivery truck costs are recorded in the Trucks account.December $31$Recorded annual straight$-$line depreciation on the truck.

Year $2$

December $31$The truck$$s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $$2,700.$ Recorded annual straight$-$line depreciation on the truck.

Year $3$

December $31$Recorded annual straight$-$line depreciation on the truck.December $31$Sold the truck for $$5,600$ cash.

Required:

$1-$a$.$ Calculate depreciation for Year $2.$

$1-$b$.$ Calculate book value and gain $($loss$)$ for sale of Truck on December $31,$ Year $3.$

$1-$c$.$ Prepare journal entries to record these transactions and events.

Complete this question by entering your answers in the tabs below.

Required $1$B

Required $1$C

Prepare journal entries to record these transactions and events.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Date & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$General Journal$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{2\}\{*\}\{1\}$ & January $01,$ Year $1$ & Trucks & $($ & $23,950$ & $\backslash \backslash$

$\backslash$hline & & Cash & $($v$)$ & & $23,950\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{2\}\{*\}\{2\}$ & December $31,$ Yeal & Depreciation expense$-$Trucks & $($ & $4,330$ & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation$-$Trucks & $($ & & $4,330\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{2\}\{*\}\{3\}$ & December $31,$ Yeal & Depreciation expense$-$Trucks & $($ & $5,640$ & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation$-$Trucks & $($ & & $5,640\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{2\}\{*\}\{4\}$ & December $31,$ Yeal & Depreciation expense$-$Trucks & $($ & $5,640$ & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation$-$Trucks & $($ & & $5,640\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{4\}\{*\}\{5\}$ & December $31,$ Yeal & Cash & $($ & $5,600$ & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation$-$Trucks & $($ & $14,955$ & $\backslash \backslash$

$\backslash$hline & & Loss on disposal of trucks & $($ & $3,395$ & $\backslash \backslash$

$\backslash$hline & & Trucks & $($ & & $23,950\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$