Required Complete the schedule. Problem 9-10B Partial year's depreciation; revising depreciation rates L01.2,4 CHECK FIGURE:...
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Required Complete the schedule. Problem 9-10B Partial year's depreciation; revising depreciation rates L01.2,4 CHECK FIGURE: Dec. 31, 2018 Deprec. Exp. $10,600 Fab-Form Industries completed the following transactions involving the purchase of delivery equipment. Partial year's depreciation; revising depreciation rates LO1 2017 June 26 Pai d cash for a new truck, $68,400 plus $3,420 in freight costs. The truck was estimated to have a four year life and an $18,000 residual value. 27 Paid $3,780 for special racks installed on the truck. The racks will enhance the economic benefits flowing from the truck. Dec. 31 Recorded straight-line depreciation on the truck to the nearest whole month. 2018 Jan. 5 It was determined that the estimated useful life of the truck should be revised to a total of six years and the Mar. nged to $10,100 15 31 Paid $660 for repairs to the truck's fender damaged when the driver backed into a loading dock. Recorded straight-line depreciation on the truck to the nearest whole month. Dec. *Assume the special racks depreciate in an identical manner as the truck. Required Prepare journal entries to record the transactions 663
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