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Prepare journal entry to record the deprecation at dec

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Reference no: EM132557600

On Jan 1,2017, Drew company purchased a moving truck that cost 725000. Dew company used straight line depreciation for the moving truck, under the assumption it would have a 6 year usefil life and residual value of 115000. on Jan 1 2017 the truck would have 5 years of remaining useful life of 7 years, after which it would have an estimated 58500 residual value. Company year end is Dec 31,2017

Required:

Question 1: Calculated the moving trucks book value at Dec 31, 2017(Show Calculations)

Question 2: Prepare journal entry to record the deprecation at Dec 31 2018

Reference no: EM132557600

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