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Category > Accounting Posted 21 Aug 2017 My Price 9.00

Cheadle Company

P11-8 Group and Composite Depreciation The Cheadle Company purchased a fleet of 20 delivery trucks for $8,000 each on January 2, 2007. It decided to use composite depreciation on a straight-line basis, and calculated the depreciation from the following schedule:

Number of Trucks

Year

to Be Retired at Year-End

Estimated Residual Value per Truck

2008

2

$4,000

2009

6

4,000

2010

8

2,000

2011

4

—

 

 

The company actually retired the trucks according to the following schedule (assume each truck was retired at the beginning of the year):

 

Year

Number of Trucks  Retired

Total Proceeds from Retirements

2008

1

$ 4,000

2009

3

11,000

2010

6

19,000

2011

5

6,000

2012

3

4,000

2013

2

1,000

Required

 

 

1.      Prepare the journal entries necessary to record the preceding events.

2.      Assume that the company expected all the trucks to last four years and be retired for $1,600 each. Using group deprecia- tion, prepare journal entries for all six years, assuming the company retired the trucks as shown by the latter schedule.

 

Answers

Maurice Tutor
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Status NEW Posted 21 Aug 2017 03:08 PM My Price 9.00

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