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Setler79 [48]
3 years ago
9

Yoshi Company completed the following transactions and events involving its delivery trucks 2016 Jan. 1 Paid $20,515 cash plus $

1,485 in sales tax for a new delivery truck estimated to have a five Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. changed from five to four years, and the estimated salvage value was increased to $2,400. Re- corded annual straight-line depreciation on the truck. 2018 Recorded annual straight-line depreciation on the truck. Sold the truck for $5,300 cash. Dec. 31 31 Required Prepare journal entries to record these transactions and events
Business
1 answer:
frozen [14]3 years ago
6 0

Answer:

Depreciation for 2017

Account                             -             Dr             -         Cr

Depreciation expense                 $4900

Accumulated Depreciation                                     $4900

Depreciation for 2018

Account                             -             Dr             -         Cr

Depreciation expense                 $4900

Accumulated Depreciation                                     $4900

Sale of Truck:

Account                                -             Dr             -         Cr

 Cash                                               $5300

Equipment                                                                 $22,000

Accumulated Depreciation             $9800

  (4900*2)

Loss on Sale                                     $6,900        

                             

Explanation:

  • Depreciation = (Cost + Sales tax - Salvage value) / useful life

                              =(20515+1485-2400)/4

                              =$4900

  • Book value = Cost + Sales tax - Annual depreciation computed in (a) * 2 years

                              =20,515+1,485-4900*2

                              =$12,200

             Gain (loss) = Proceeds - Book value

                                =5,300 -12,200

                               =$6,900

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