Prepare depreciation schedule for the assets

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Reference no: EM131082759

Prepare a depreciation schedule for the assets in the below transactions using straight line method of depreciation: A.) Flash Enterprises purchased 3 new delivery trucks at a cost of $45,000. Each Truck has an estimated useful life of 5 years. B. Flash needed a new forklift to be used in warehouse operations at a cost of $12, 500. The old forklift was traded in for $1,500. The new forklift has an estimated useful life of 4 years. #2. Analyze the results of the below: A. Flash has an opportunity to sell one of the trucks from (1A) above after 3 years for a price of $15,000. Should they accept the offer? why or why not? B. The used forklift from (1B) above had an original cost of $10,000 and a book value of $500 at the time of trade in. Calculate any gain or loss and show the appropriate journal entry.

Reference no: EM131082759

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