Please don't provide solution in an image format thanku Year 1Jan. 1 Paid $22,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account.Dec. 31 Recorded annual straight-line depreciation on the truck.Year 2Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimatedsalvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck.Year 3Dec. 31 Recorded annual straight-line depreciation on the truck.Dec. 31 Sold the truck for $5,500 cash.Required:I-a. Calculate depreciation for Year 2.I-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3.I-c. Prepare journal entries to record these transactions and events.Complete this question by entering your answers in the tabs below.Required 1A Required 1B Required 1CCalculate depreciation for Year 2.Total costLess accumulated depreciation (from Year 1)Book valueLess revised salvage valueRemaining cost to be depreciatedYears of life remainingTotal depreciation for Year 2$$23,6504,27019,3802,85016,5305,510

Answer:- 1. Straight line depreciation = (Cost of asset - Salvage value) / Number of useful life

ear 1 n. 1 Paid $22,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five- year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. c. 31 Recorded annual straight-line depreciation on the truck. ear 2 c. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. ear 3 c. 31 Recorded annual straight-line depreciation on the truck. c. 31 Sold the truck for $5,500 cash. equired: a. Calculate depreciation for Year 2. o. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C

ear 1 n. 1 Paid $22,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five- year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. c. 31 Recorded annual straight-line depreciation on the truck. ear 2 c. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. ear 3 c. 31 Recorded annual straight-line depreciation on the truck. c. 31 Sold the truck for $5,500 cash. equired: a. Calculate depreciation for Year 2. o. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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