Business, 27.11.2019 07:31 queengenni
On july 1, 2013, 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, 2018, 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 2018.
2. prepare the journal entry to record the sale of the truck.
3. assuming that the truck was sold for $80,000, prepare the journal entry to record the sale.
Answers: 1
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Jack manufacturing company had beginning work in process inventory of $8,000. during the period, jack transferred $34,000 of raw materials to work in process. labor costs amounted to $41,000 and overhead amounted to $36,000. if the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?
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On july 1, 2013, farm fresh industries purchased a specialized delivery truck for $126,000. at the t...
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