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Business, 12.11.2019 00:31 netflixacc0107

Yoshi company completed the following transactions and events involving its delivery trucks. 2017 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. 2018 dec. 31 due to new information obtained earlier in the year, the truckā€™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. 2019 dec. 31 recorded annual straight-line depreciation on the truck. dec. 31 sold the truck for $5,300 cash.

required:

1-a. calculate depreciation for year 2018.
1-b. calculate book value and gain (loss) for sale of truck on december, 2019.
1-c. prepare journal entries to record these transactions and events.

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