Reference no: EM133017688
Question - On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $100,000. She paid a $20,000 cash and signed a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or 300,000 kilometres and a residual value of $10,000. Molly's Greenhouse has a December 31 year end.
Calculate the gain or loss on disposal for the following three independent situations:
-Molly sold the truck for $40,050 on January 1, 2024. By using straight-line method the carrying amount is $37,000.
-Molly sold the truck for $30,500 on January 1, 2024. By using straight-line method the carrying amount is $37,000.
-Molly sold the truck for $26,400 on July 1, 2024. Molly used the straight-line method. Molly sold the truck for $26,400 on July 1, 2024.
Using straight line method, prepare the journal entries for the above situation.
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