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vlabodo [156]
3 years ago
12

A truck was acquired on July 1, 2018, at a cost of $311,850. The truck had a six-year useful life and an estimated salvage value

of $34,650. The straight-line method of depreciation was used. On January 1, 2021, the truck was overhauled at a cost of $28,875, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $34,650). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned.
Business
1 answer:
Alina [70]3 years ago
8 0

Answer:

Details                                                                   Amount($)

Cost                                                                        $311,850

Less: Salvage value                                              <u>($34,650)</u>

Depreciation base July 1, 2018                             $277,200

Less: Depreciation to date ($277,200/6)*2.5 <u>($115,500)</u>

Depreciation base Jan 1, 2021 (unadjusted)        $161,700

Overhaul                                                                 <u>$28,875</u>

Depreciation base Jan 1, 2021 (adjusted)             <u>$190,575</u>

<u />

Date              Particulars                                         Debit($)   Credit($)

2021, Jan 1   Depreciation accumulated A/c Dr  $34,650

                             To cash A/c                                                  $34,650

2021, Dec 31 Expense for depreciation A/c Dr      $19,922

                      ($109,575/5.5)

                             To Depreciation accumulated A/c             $19,922

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