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H-2 Hb 302 Part I. Deli Catering is trading in its old delivery truck for...

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Accounting

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H-2 Hb 302 Part I. Deli Catering is trading in its old delivery truck for a new model with a list price of $24,000. The old truck cost $18,000 and has accumulated depre- ciation of $15,000. Required: 1. Record the exchange, assuming the additional cash paid is $20,000. 2. Record the exchange, assuming the additional cash paid is $22,000. Part II The Tree Line Inn has purchased a shuttle bus to transport guests to and from a local ski lodge. The cost of the bus is $40,000, its salvage value is $4,000, and its life is five years with expected usable mileage of 100,000. Required Calculate the first year' depreciation under each of the following 1. Straight-line. 2. Units of production, assuming the bus traveled 15,000 miles in year 1. 3. Sum-of-the-years' digits. 4. Double declining balance

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