N3. On June 1, ABC Co. purchased a delivery truck for $ 6,200 in cash. The truck was repainted at a cost of $ 700 and a new battery (costing $ 60) and tires (costing $ 275) were installed. The truck has an estimated useful life of 5 years and expected salvage value of $ 825. The company uses DD method for the first 2 years and changed its method to SL method. Calculate the depreciation expense of above fixed asset during its useful life, and show the journal entries
N3. On June 1, ABC Co. purchased a delivery truck for $ 6,200 in cash. The truck was repainted at a cost of $ 700 and a new battery (costing $ 60) and tires (costing $ 275) were installed. The truck has an estimated useful life of 5 years and expected salvage value of $ 825. The company uses DD method for the first 2 years and changed its method to SL method. Calculate the depreciation expense of above fixed asset during its useful life, and show the journal entries
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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N3.
On June 1, ABC Co. purchased a delivery truck for $ 6,200 in cash. The truck was repainted at a cost of $ 700 and a new battery (costing $ 60) and tires (costing $ 275) were installed. The truck has an estimated useful life of 5 years and expected salvage value of $ 825. The company uses DD method for the first 2 years and changed its method to SL method. Calculate the
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