Prior to adjustment at the end of the year, the balance in Trucks is $437,500 and the balance in Accumulated Depreciation—Trucks is $133,000. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500 $12,675 210,000 miles — 31,500 miles 2 119,000 14,280 330,000 miles $23,800 33,000 miles 3 104,000 14,560 219,000 miles 83,200 21,900 miles 4 130,000 15,600 350,000 miles 26,000 42,000 miles Question Content Area a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile(in cents) Miles Operated Credit toAccumulatedDepreciation 1 fill in the blank 1 of 9$ 31,500 fill in the blank 2 of 9$ 2 fill in the blank 3 of 9 33,000 fill in the blank 4 of 9 3 fill in the blank 5 of 9 21,900 fill in the blank 6 of 9 4 fill in the blank 7 of 9 42,000 fill in the blank 8 of 9 Total fill in the blank 9 of 9$ Feedback Area Feedback Question Content Area b. Journalize the entry to record depreciation for the year. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Prior to adjustment at the end of the year, the balance in Trucks is $437,500 and the balance in Accumulated Depreciation—Trucks is $133,000. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500 $12,675 210,000 miles — 31,500 miles 2 119,000 14,280 330,000 miles $23,800 33,000 miles 3 104,000 14,560 219,000 miles 83,200 21,900 miles 4 130,000 15,600 350,000 miles 26,000 42,000 miles Question Content Area a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile(in cents) Miles Operated Credit toAccumulatedDepreciation 1 fill in the blank 1 of 9$ 31,500 fill in the blank 2 of 9$ 2 fill in the blank 3 of 9 33,000 fill in the blank 4 of 9 3 fill in the blank 5 of 9 21,900 fill in the blank 6 of 9 4 fill in the blank 7 of 9 42,000 fill in the blank 8 of 9 Total fill in the blank 9 of 9$ Feedback Area Feedback Question Content Area b. Journalize the entry to record depreciation for the year. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 5MC: A machine with a 4-year estimated useful life and an estimated 15% residual value was acquired on...
Related questions
Question
Prior to adjustment at the end of the year, the balance in Trucks is $437,500 and the balance in
| Truck No. |
Cost | Estimated Residual Value |
Estimated Useful Life |
Accumulated Depreciation at Beginning of Year |
Miles Operated During Year |
|---|---|---|---|---|---|
| 1 | $84,500 | $12,675 | 210,000 miles | — | 31,500 miles |
| 2 | 119,000 | 14,280 | 330,000 miles | $23,800 | 33,000 miles |
| 3 | 104,000 | 14,560 | 219,000 miles | 83,200 | 21,900 miles |
| 4 | 130,000 | 15,600 | 350,000 miles | 26,000 | 42,000 miles |
Question Content Area
a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts.
| Truck No. | Rate per Mile (in cents) |
Miles Operated | Credit to Accumulated Depreciation |
|---|---|---|---|
| 1 | fill in the blank 1 of 9$ | 31,500 | fill in the blank 2 of 9$ |
| 2 | fill in the blank 3 of 9 | 33,000 | fill in the blank 4 of 9 |
| 3 | fill in the blank 5 of 9 | 21,900 | fill in the blank 6 of 9 |
| 4 | fill in the blank 7 of 9 | 42,000 | fill in the blank 8 of 9 |
| Total | fill in the blank 9 of 9$ |
Feedback Area
Feedback
Question Content Area
b.
| blank | Account | Debit | Credit |
|---|---|---|---|
| blank |
|
||
|
|
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