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Company has purchased a truck on 1 July 2018. The list price of the truck was $200,000 but company was invoiced and paid only $180,000. company did have to pay for an inspection costing $30,000 on 1 July 2018 before the truck could be used for the first time. In addition, the company purchased an annual insurance policy for the truck costing $24,000 (recorded using the asset approach). The truck will be depreciated using the reducing balance method at a rate of 10% per annum.
On 1 September 2018, the truck broke down and company spent $40,000 to get it back to working condition.
On 1 July 2019, company decided to replace the engine in the truck with a newer model costing $61,000 that uses considerably less petrol and makes the truck more powerful so that it could also haul a trailer. The 10% reducing balance rate of depreciation is still applied.
Question 1: Prepare the general journal entries for the years ended 30 June 2019 and 30 June 2020 related to the truck, taking into account the information provided above. Narrations are not required. Justify your entries.
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