A company purchased a delivery truck with cash on January 1, 2023 for 50,000. The truck is expected to have a useful life of 5 years and a residual Value of 5000. They use the straight line depreciation method for all fixed assets. The company pays for a 3000 flatbed that is out ok the truck and fills the tans with $120 of diesel fuel before it is out on service. Record the acquisition of the truck including any necessary journal entries. Create a de precision schedule for the track showing the depreciation expense for each year and the accumulated depreciation. Record the depreciation expense with a journal enteral for the year ar December 31, 2023 and 2024. What is the accumulated depreciation at 12/31/2024.
A company purchased a delivery truck with cash on January 1, 2023 for 50,000. The truck is expected to have a useful life of 5 years and a residual Value of 5000. They use the straight line depreciation method for all fixed assets. The company pays for a 3000 flatbed that is out ok the truck and fills the tans with $120 of diesel fuel before it is out on service. Record the acquisition of the truck including any necessary journal entries. Create a de precision schedule for the track showing the depreciation expense for each year and the accumulated depreciation. Record the depreciation expense with a journal enteral for the year ar December 31, 2023 and 2024. What is the accumulated depreciation at 12/31/2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A company purchased a delivery truck with cash on January 1, 2023 for 50,000. The truck is expected to have a useful life of
5 years and a residual Value of 5000. They use the straight line depreciation method for all fixed assets. The company pays
for a 3000 flatbed that is out ok the truck and fills the tans with $120 of diesel fuel before it is out on service. Record the
acquisition of the truck including any necessary journal entries. Create a de precision schedule for the track showing the
depreciation expense for each year and the accumulated depreciation. Record the depreciation expense with a journal
enteral for the year ar December 31, 2023 and 2024. What is the accumulated depreciation at 12/31/2024.
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