Beckworth Company purchased a truck on January 1, 2022, at a cash cost of $17,400....
80.2K
Verified Solution
Link Copied!
Question
Accounting
Beckworth Company purchased a truck on January 1, 2022, at a cash cost of $17,400. The estimated residual value was $2,100 and the estimated useful life 4 years. The company uses straight-line depreciation computed monthly. On July 1, 2025, the company sold the truck for $6,000 cash.
Required:
A. What was the depreciation expense amount per month?
Note: Round your answer to 2 decimal places.
B. Give the required journal entries on the date of disposal, July 1, 2025
Prepare the required journal entries on the date of disposal, July 1, 2025. (Assume no 2025 depreciation had yet been recorded)
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.