Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1, 2016, farm fresh industries purchased a

On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $126,000. At...

70.2K

Verified Solution

Question

Accounting

image

image

On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $126,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $30,000. On March 1, 2021, the truck was sold for $58,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to update depreciation in 2021. 2. Prepare the journal entry to record the sale of the truck. 3. Assuming that the truck was instead sold for $80,000, prepare the journal entry to record the sale

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which of the following describe the liberal side of the political spectrum O more use...

Basic Math
Q

Internal Resistance of a battery lab I'm doing this lab where we have to find the...

Physics
Q

A. Draw an op-amp circuit that will act as a comparator. Label the reference node, the...

Electrical Engineering
Q

Please fill in the chart for every real life scenario listed below Some boxes have...

Biology
Q

To know what a peer-reviewed journal article covers, which of the following would you do?Look...

Biology
Q

Question Completion Status QUESTION 14 Please write the co ordinates of the point indiacted below...

Calculus
Q

3 Air is being pumped into a balloon at a rate of r t 6t...

Calculus
Q

Find the inverse of the following function and write it in the form f x...

Calculus
Q

Early in the year, John Raymond founded Raymond Engineering Co. for the purpose of manufacturing...

Accounting
Q

A relevant cost is best defined as a ____________ that _________between alternative decisions, and ___________...

Accounting
Q

Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months...

Accounting
Q

Johnson Beverage Problem further information Johnson Beverage is trying to determine...

Accounting