Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid...
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Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Jan. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 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-1ine depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,500 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. 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 1A Required 1B Required 1C Calculate depreciation for Year 2. Total cost Less accumulated depreciation (from Year 1) Book value Less revised salvage value Remaining cost to be depreciated Years of life remaining Total depreciation for Year 2 Required 1A Required 1B > 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 1A Required 1B Required 1C Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 < Required 1A Required 1C > View transaction list Journal entry worksheet 1 2 3 4 Record the total cost of the new delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal 2. View transaction list Journal entry worksheet 1 2 4 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 <> Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the sale of the delivery truck for $5,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 3 Record entry Clear entry View general Journal
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olutiona Depreciation for year2017 This is a problem of change in estimate and if there is a change ... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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Describe the types of resources (assets) needed for a new product venture during its development and startup stages Comment on the likely revenues and expenses during these early life cycle stages...
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How is DNA like a ladder? What are the sides of the ladder, and what are the rungs?
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If you were a lawmaker, what constraints would you place on DNA technology? Should there be different rules regarding applying DNA technology to humans and applying it to other species?
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True or False: Break-even analysis is a brand new concept, nothing like it has been presented previously in the book.
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At your field site, there are butterflies with yellow wings and butterflies with orange wings. After observing them carefully, you notice that the yellow butterflies always mate in shady areas under...
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True or False: The most commonly used measure of inflation is the relative change in the Consumer Price Index.
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Zappa Inc. is considering acquiring the Jones Co. They are trying to estimate the value of the target firm. Recently, the Jones Co. reported cash flows of $15,000,000. The executives at Zappa Inc....
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Digital Fruit is financed solely by common stock and has outstanding 25 million shares with a market price of $10 a share. It now announces that it intends to issue $160 million of debt and to use...
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Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 2 Sold...
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Flagstaff Systems issues bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds have a $ 90,000 par value and an annual contract rate of 12%, and they...
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Switch Co. manufactures a single product in one department. Direct labor and overhead are added evenly throughout the process. Direct materials are added as needed. The company uses monthly reporting...
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Renkas Heaters selected data for October 2017 are presented here (in millions): Calculate the following costs: 1. Direct materials inventory 10/31/2017 2. Fixed manufacturing overhead costs for...
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The following data are for Huang Wong Ping Retail Outlet Stores. The account balances (in thousands) are for 2017. 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2....
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The Howell Corporation has the following account balances (in millions): Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For...
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