A farm purchased a new tractor for $30,000. They estimated the tractor would have a...
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Accounting
A farm purchased a new tractor for $30,000. They estimated the tractor would have a useful life of 5 years and would have a salvage value of $5,000. The farm uses the straight-line method and the half-year convention. The farm sold the tractor during year 3 for $19,000.
1. Compute the amount of depreciation expense to be taken in years 1, 2 and 3
Year 1
Year 2
Year 3
2. Prepare a journal entry to record the sale of the tractor in year 3.
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