Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ayayai corporation purchased a delivery truck in e

Ayayai Corporation purchased a delivery truck in early January 2023. The truck cost $83,800, and...

80.2K

Verified Solution

Question

Accounting

image

Ayayai Corporation purchased a delivery truck in early January 2023. The truck cost $83,800, and was to be depreciated over 8 years, assuming no residual value. Ayayai decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of 2024 was $66,800. Prepare the journal entries to revalue the truck on December 31, 2024 assuming Ayayai uses the asset adjustment method. (Credlt account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entrles before credit entrles.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students