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Wildcats, Inc, purchased a truck on 1/1/2016, at a cost of $88,000. The machine's estimated...

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Accounting

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Wildcats, Inc, purchased a truck on 1/1/2016, at a cost of $88,000. The machine's estimated useful life at the time of the purchase was 4 years, with $4.000 estimated salvage value. Wildcats uses the straight-line depreciation method. INSTRUCTIONS: A. Complete the depreciation schedule from 2016 through 2019 for the truck. = 1/Life -Cost - Salvage Depreciable Base = Cost- Accumulated Depreciation Year SL Rate Annual Depreciation Expense Accumulated Depreciation Ending NBV 2016 2017 2018 2019 B. Record the journal entry at the end of 2019 when Wildcats sells the machine for $4,000. C. Assume Wildcats sells the machine on January 1, 2018 for $11,000 cash. Compute the resulting gain or loss from the sale and record the journal entry to recognize the sale

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