lindseycagle00
23.11.2020 •
Business
purchased a used delivery truck for 26000,paying cash, pais garage for miscellaneous repairs to the truck, recorded depreciation on the truck for the year. estimated useful life of the truck is four years, with a residual valueof 2000
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Ответ:
hatdog
Explanation:
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Ответ:
The journal entry to record the sale will be:
Debit Cash (sales proceed) $20,000
Debit Loss on disposal $2,500
Debit Accumulated depreciation $22,500
Credit Equipment cost $45,000
(To record disposal of an equipment)
Explanation:
Straight-line depreciation method is allocating the cost of an asset on a uniform basis over its useful life. The formula for this method of depreciation is: (Cost - Salvage value) / Useful life
Depreciation = ($45,000 - $5,000) / 8 years
Depreciation = $5,000 yearly
On July 1, Year 5, acummulated depreciation will be 4.5 years x $5,000 = $22,500.
Net book value of the equipment on July 1, year 5, is $22,500 ($45,000 - $22,500). When compared with the sales proceed, loss on disposal will be $2,500 ($22,500 - $20,000). The required journals were as provided above.