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On January 5, 2017, New Flyer co. purchased a van for $98,000 cash. Q5 The van has an estimated useful life of 8 years and an estimated residual value of $4,000. The double declining balance method is used for calculating deprecation.
On September 18, 2019 the van and $86,000 cash were exchanged for a truck that had a cash price (fair value) of $110,000.
Required:
Question a) Record the journal entry to record the depreciation at the time of the trade.
Question b) What was the book value at the time of the trade
Question c) Record the journal entry for the purchase of the truck.
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