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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.
Problem 1: Compute depreciation expense using the straight line depreciations method for 2016
Problem 2: What is the carrying value December 31, 2017 after booking the adjusting entry?
Problem 3: 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?
Problem 4: On January 1, 2019 the truck was solid or 30,000. Does Velvo Company recognize a gain or loss?
Problem 5: What is the gain or loss amount?
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