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butalik [34]
3 years ago
7

On January 1, 2018, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truc

k has a useful life of eight years and an estimated residual value of $8,000. Assume the truck was totaled in an accident on December 31, 2019. What amount of gain or loss should Jacob Inc. record on December 31, 2019?
A.Loss, $38,000.
B.Loss, $18,000.
C.Loss, $3,000.
D.Gain, $5,000.
Business
1 answer:
Archy [21]3 years ago
6 0

Answer:

The amount of loss should Jacob Inc. record on December 31, 2019 is $38,000

Explanation:

Truck Value =  $48,000

Annual depreciation =   ( $48,000 -   $8,000) / 8 = $40,000 / 8= $5,000

First year (2018) = $40,000 - $5,000 =  $35,000

Second year (2019) = $35,000 - $5,000 =  $30,000

Loss  = Truck Value (actual) + estimated residual value=  $30,000 + $8,000 = $38,000

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