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Compute depreciation expense

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Reference no: EM132793630

Question - Velvo Company purchased a delivery truck for $45,000 on January 1, 2016. The truck was assigned an estimated useful life of 5 years and has a residual value of $10,000.

Compute depreciation expense using the straight line depreciations method for 2016?

What is the carrying value December 31, 2017 after booking the adjusting entry?

On January 1st 2018 the useful life was increased to 7 years and residual value has increased to 15,000. What is the depreciation for 2018?

On January 1, 2019 the truck was solid or 30,000. Does Velvo Company recognize a gain or loss?

What is the gain or loss amount?

Reference no: EM132793630

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