Cyber Systems completed the following transactions involving delivery trucks: 2017 Aug 7:                 Paid cash for a…

Cyber Programs accomplished the next transactions involving
supply vehicles:

2017

Aug
7:                
Paid money for a brand new supply truck, $38,830 plus $2,330 in
extra prices required to place the asset in use. The truck was
estimated to have a 5-year service life and a $6,000 salvage
worth.

2019

July
11:              
Traded-in the outdated truck and paid $42,100 in money for the brand new truck.
The brand new truck is estimated to have a 6-year service life and a
salvage worth of $6,200. The bill for the change indicated the
following:

                                          
Bill worth of the brand new truck   
             
             
$57,620

                                          
Choices required to place the truck in use   
          
     2,280

Commerce-in allowance – outdated truck
                               
(17,800)

                                          
Money paid
out                                               
             
$42,100

                                                                                                                                 
             

Cyber Programs’ coverage is to make use of the Nearest Complete month methodology
for recording half 12 months depreciation.

Required:

  1. Put together journal entries to file the acquisition of the
    supply truck on August 7, 2017
  1. Put together the adjusting journal entries to file Straight Line
    depreciation at December 31, 2017 and December 31, 2018
    (one journal entry for every year).
  1. Put together the adjusting journal entry to deliver the depreciation
    on the outdated truck updated as of its disposal date.
  1. Report the acquisition of the brand new truck on July 11, 2019,
    together with any acquire or loss on the change.
  1. Put together the journal entry to file Straight Line depreciation
    on the brand new truck at December 31, 2019.

Explanations are not
required, however please date the entries and present
your calculations.

             
Account Titles in your journal entries:

  • Money
  • Tools
  • Collected Depreciation – Tools
  • Depreciation Expense
  • Acquire / Loss on Trade
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