January 1, 2021, Wangerin purchases a delivery truck for $15…
January 1, 2021, Wangerin purchases a delivery truck for $15,000. She uses units of activity to allocate depreciation expense and has no salvage value for the truck. The truck is expected to last 100,000 miles. Actual activity: January – 10,000 miles February – 10,000 miles March – 20,000 miles April 1st, Wangerin sells the truck for $7,500. What is the gain (loss) recognized?
Read DetailsBucky Badger Inc. purchases a piece of equipment on June 15,…
Bucky Badger Inc. purchases a piece of equipment on June 15, 2021 for $35,000. Company A uses the double declining balance method to calculate depreciation and has determined the equipment has a 5 year useful life and a salvage value of $5,000. What is the journal entry required by Bucky Badger Inc. to record depreciation expense on December 31, 2022? Answer should be expressed as : DR (ACCOUNT NAME) $X,XXX CR (ACCOUNT NAME) $X,XXX No dates or explanations are needed.
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