Question 5 Slamdsunk Company purchased a truck on January 1, 2019, at a cash cost of $22,000. The estimated residual value was $1,000 and the estimated useful life 4 years. The company uses straight-line depreciation computed monthly. On July 1, 2022, the company sold the truck for $3,200 cash. A. What was the depreciation expense amount per month? B. What was the amount of accumulated depreciation at July 1, 2022? C. Give the required journal entries on the date of disposal, July 1, 2022. (Assume no 2022 depreciation had yet been recorded).

Question 5 Slamdsunk Company purchased a truck on January 1, 2019, at a cash cost of $22,000. The estimated residual value was $1,000 and the estimated useful life 4 years. The company uses straight-line depreciation computed monthly. On July 1, 2022, the company sold the truck for $3,200 cash. A. What was the depreciation expense amount per month? B. What was the amount of accumulated depreciation at July 1, 2022? C. Give the required journal entries on the date of disposal, July 1, 2022. (Assume no 2022 depreciation had yet been recorded).

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Description: Question 5Slamdsunk Company purchased a truck on January 1, 2019, at a cash cost of $22,000. The estimatedresidual value was $1,000 and the estimated useful life 4 years. The company uses straight-linedepreciation computed monthly. On July 1, 2022,

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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