Truck a is purchased on 1-1-x1 for 15500

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Reference no: EM13615164

Truck A is purchased on 1-1-X1 for 15,500. Straight-linedepreciation is used, with a salvage value of 1,500. Estimateduseful life is 5 years. On 12-31-X4 we are going to trade intruck A for truck B with a FMV of $18,000. Trade in allowance(FMV) for Truck A is $3,500. Answer the following:

6. How much is the annual depreciation expense fortruck A using straight line depreciation?____________________

7. What is the journal entry to record depreciation forTruck A for 12-31-X1

Reference no: EM13615164

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