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[solution]: TAX Company purchased a truck for $70,000 cash on January 1, Year


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TAX Company purchased a truck for $70,000 cash on January 1, Year 1 with a useful life of 5 years and a residual value of $5,000.

Using the straightline method make the entry to record the acquisition of this asset on January1 and the adjusting enty that would be made on December 31 to record one full year of depreciation. Do not apply the half year convention.

Using the Double Declining Accelerated Method calculate what the depreciation adjusting entry that should be made for the entire year ending at December 31, Year 1.


SolutionStraight Line Method

 

Date

 

Dec-31

 


 

Account Titles & Explanation

 

Depreciation Expense

 

Accumulated Depreciation

 


 

Debit

 

$13,000

 


 

Credit

 

13,000

 


 

CalculationPurchase cost of $70,000 ?...

 


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