Under each depreciation method

Assignment Help Financial Accounting

Reference no: EM13916127

P Companys fiscal year runs from January to December 31. P Co.acquires and installs

into operations a new truck on October 1, 2013 at a total cost of$360,000 and has an estimated useful life of four years and estimated salvage value of $40000.

K Company receives an offer for the truck for $140,000 at the end of the third year.

a. What factors should K Company consider in determining whether to sell or keep the truck?

b.Assume the truck is sold. Prepare the appropriate journal

entries showing sale of the truck under each depreciation method.

Reference no: EM13916127

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