Business, 25.03.2021 23:00 marquezbell6577

On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $175,600. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $22,000. On March 1, 2021, the truck was sold for $72,000. 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 $97,000, prepare the journal entry to record the sale.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 15:00

What was involved in the american express bluework program? select one: a. employees are provided with opportunities for flexible arrangements b. a system that tracks the hours each employee works in a given day c. employees can work on tasks they choose, as long as they are in the office d. employees who are wary of newer technologies e. employees are provided with better office facilities so they stay in the office longer?

Answers: 3

Answer

Business, 22.06.2019 04:30

Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year

Answers: 1

Answer

Business, 22.06.2019 09:30

Darlene has a balance of 3980 on a credit card with an apr of 22.8% paying off her balance and which of these lengths of time will result in her paying the least amount of interest?

Answers: 2

Answer

Business, 22.06.2019 13:50

Read the following paragraph, and choose the best revision for one of its sentences.dr. blake is retiring at the end of the month. there will be an unoccupied office upon his departure, and it is big in size. because every other office is occupied, we should convert dr. blake’s office into a lounge. it is absolutely essential that this issue is discussed at the next staff meeting. (a) because every other office is occupied, it’s recommended that we should convert dr. blake’s office into a lounge. (b) because every other office is filled, we should convert dr. blake’s office into a lounge.

Answers: 2

Answer

You know the right answer?

On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $175,600. At the t...

Questions