P8-4A. Accounting för tions related to its delivery truck: 5 Purchased for $14,300 cash a new truck with an estimated useful life of four years and Year 1 Jan. Feb. 20 Installed a new set of side-view mirrors at a cost of $68 cash. June Aug. 2 Paid a $250 repair bill for the uninsured portion of damages to the truck caused by a salvage value of $2,300. 9 Paid $285 for an engine tune-up, wheel balancing, and a periodic chassis lubrication Basin's own driver. Dec. 31 Recorded depreciation on the truck for the year. Year 2 1 Installed a set of parts bins in the truck at a cost of $800 cash. This expenditure was not expected to increase the salvage value of the truck. May Dec. 31 Recorded depreciation on the truck for the year. Year 3 Dec. 31 Recorded depreciation on the truck for the Basin's depreciation policies include (1) using straight-line depreciation, (2) recording depreci tion to the nearest whole month, and (3) expensing all truck expenditures of $75 of les. year. REQUIRED Raca
P8-4A. Accounting för tions related to its delivery truck: 5 Purchased for $14,300 cash a new truck with an estimated useful life of four years and Year 1 Jan. Feb. 20 Installed a new set of side-view mirrors at a cost of $68 cash. June Aug. 2 Paid a $250 repair bill for the uninsured portion of damages to the truck caused by a salvage value of $2,300. 9 Paid $285 for an engine tune-up, wheel balancing, and a periodic chassis lubrication Basin's own driver. Dec. 31 Recorded depreciation on the truck for the year. Year 2 1 Installed a set of parts bins in the truck at a cost of $800 cash. This expenditure was not expected to increase the salvage value of the truck. May Dec. 31 Recorded depreciation on the truck for the year. Year 3 Dec. 31 Recorded depreciation on the truck for the Basin's depreciation policies include (1) using straight-line depreciation, (2) recording depreci tion to the nearest whole month, and (3) expensing all truck expenditures of $75 of les. year. REQUIRED Raca
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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