Don't give solution in image format.. Yoshi Company completed the following transactions and events involving its delivery trucks.Year 1January 1 Paid $23,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150salvage value. Delivery truck costs are recorded in the Trucks account.December 31 Recorded annual straight-line depreciation on the truck.Year 2December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to$2,550. Recorded annual straight-line depreciation on the truck.Year 3December 31 Recorded annual straight-line depreciation on the truck.December 31 Sold the truck for $5,300 cash.Required:1-a. Calculate depreciation for Year 2.1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3.1-c. Prepare journal entries to record these transactions and events.Complete this question by entering your answers in the tabs below.Required 1A Required 1B Required 1CPrepare journal entries to record these transactions and events.

1A. Calculation of depreciation for Year 2:Depreciation is the systematic allocation of the cost of…

Answered: Yoshi Company completed the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck’s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,400. Recorded annual straight-line depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. 31 Sold the truck for $5,300 cash. Required Prepare journal entries to record these transactions and events.
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $23,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck’s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 Dec. 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,400 cash. Required:1-a. Calculate depreciation for Year 2.1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3.1-c. Prepare journal entries to record these transactions and events.
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $25,015 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,450 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight - line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight- line depreciation on the truck. Year 3 December 31 Recorded annual straight- line depreciation on the truck. December 31 Sold the truck for $5,500 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,400. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,300 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events.
Can I please get help with this practice question?7.11 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $25,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,450 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck’s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,550. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,400 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1-c. Prepare journal entries to record these transactions and events. Required 1A Required 1B…
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $22,015 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck’s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,300 cash. Required:1-a. Calculate depreciation for Year 2.1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3.1-c. Prepare journal entries to record these transactions and events.
Champion Contractors completed the following transactions involving equipment. Year 1 January 1 Paid $278,eee cash plus $11,120 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27,88e salvage value. Loader costs are recorded in the Equipment account. January 3 December 31 Paid $5,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,500. Recorded annual straight-line depreciation on the loader. Year 2 January 1 Paid $4,000 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $1,000 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events.
York Instruments completed the following transactions and events involving its machinery. Year 1 Jan. 1 Paid $107,800 cash plus $6,470 in sales tax for a new machine. The machine is estimated to have a six-year life and a $9,720 salvage value. Dec. 31 Recorded annual straight-line depreciation on the machinery. Year 2 Dec. 31 The machine’s estimated useful life was changed from six to four years, and the estimated salvage value was increased to $14,345. Recorded annual straight-line depreciation on the machinery. Year 3 Dec. 31 Recorded annual straight-line depreciation on the machinery. 31 Sold the machine for $25,240 cash. Required Prepare journal entries to record these transactions and events.
Sheridan's Repair Service uses the straight-line method of depreciation. The company's fiscal year-end is December 31. The following transactions and events occurred during the first three years. Purchased equipment from the Equipment Center for $7,900 cash plus sales tax of $580, and shipping costs of $490. 2021 July 1 Nov. 3 Incurred ordinary repairs on computer of $280. Dec. 31 Recorded 2021 depreciation on the basis of a four-year life and estimated salvage value of $450. 2022 Dec. 31 Recorded 2022 depreciation. Paid $2,900 fora major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment. 2023 Jan. 1 Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Prepare the necessary…
A business purchased a motor car on 1 July 20X3 for $20,000. It is to be depreciated at 20 per cent per year on the straight line basis, assuming a residual value at the end of five years of $4,000, with a proportionate depreciation charge in the years of purchase and disposal. The $20,000 cost was correctly entered in the cash book but posted to the debit of the motor vehicles repairs account. How will the business profit for the year ended 31 December 20X3 be affected by the error?
On March 1 of the current year, Dexter Cormpany acquired a machine costing P 650,000 with an estimated useful life of 15 yoars with salvage value of P S0,000. The ond of the fiscal yoar is July 31 of the curront yoar. How much depreciation is to be charged on July 31 of the current year? P 36,667 P 13,333 P16,667 P 40,000
Flower Power, Inc purchases a van for making deliveries for $24,400. The company estimates a four-year service life and a residual value of $1,900. During the four-year period, the company expects to drive the van 108,000 miles. Calculate annual depreciation for the four-year life of the van using each of the following methods. 1. Straight-line. deprediation expense: _________ 2. Double-declining-balance. (Round your depreciation rate to 2 decimal places. Round your final answers to the nearest whole dollar.) year|. depreciation expence| accum. depreciation| book value 1 2 3 4 total 3. Actual miles driven each year were 18,000 miles in Year 1; 32,000 miles in Year 2; 24,000 miles in Year 3; and 25,000 miles in Year 4. Note that actual total miles of 99,000 fall short of expectations by 9,000 miles. Calculate annual depreciation for the four-year life of the van using activity-based. (Round your depreciation rate to 2 decimal places.) year|. depreciation expence| accum.…

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