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On January 1 2004, Jeremy Brown bought two pick-up trucks on credit from Mandora Ltd. for $20 000 each. Depreciation is charged at a rate of 10% per annum using the reducing balance method. The business' policy is to charge a full year's depreciation in the year of purchase but not charge any in the year of sale.
One of the pick-up trucks was sold for $13 000 cash on June 30, 2006. On that same date, another pick-up costing $24 000 was bought for cash.
Required
Question a) Prepare the Pick-up Truck account for 2004, 2005 and 2006.
Question b) Prepare the Pick-up Truck Disposal Account for 2006.
Question c) Prepare the Provision for Depreciation Account for the three years.
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