Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 23 Jan 2018 My Price 8.00

Philip Ward

On July 1, 2012, Philip Ward bought a used pickup truck at a cost of $5,300 for use in his business. On the same day, Ward had the truck painted blue and white (his company’s colors) at a cost of $800. Ward estimates the life of the truck to be three years or 40,000 miles. He further estimates that the truck will have a $450 scrap value at the end of its life, but that it will also cost him $50 to transfer the truck to the junkyard.
Required:
1. Record the following journal entries:
a. July 1, 2012: Paid all bills pertaining to the truck. (No previous entries have been recorded concerning these bills.)
b. December 31, 2012: Recorded depreciation expense for the year, using the straight-line method.
c. December 31, 2013: Recorded depreciation expense for 2013, again using the straight-line method.
d. January 2, 2014: Sold the truck for $2,600 cash.
2. What would the depreciation expense for 2012 have been if the truck had been driven 8,000 miles and the units-of-production method of depreciation had been used?
3. Interpretive Question: In part (ld), there is a loss of $650. Why did this loss occur?

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jan 2018 06:01 PM My Price 8.00

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