On January 1, 2019, Brazeau Transport purchased a $165,000 truck for hauling cattle across the border. Brazeau plans on driving the truck for four years, or 450,000 kilometres. The expected residual value for the truck is $35,000. On June 30, 2022, after driving the truck 44,000 kilometres, the truck had an accident on the highway and was totalled. The insurance proceeds for the truck were $42,000 cash. Calculate and record the amortization expense for the truck for the year 2022 using the straight-line method
On January 1, 2019, Brazeau Transport purchased a $165,000 truck for hauling cattle across the border. Brazeau plans on driving the truck for four years, or 450,000 kilometres. The expected residual value for the truck is $35,000. On June 30, 2022, after driving the truck 44,000 kilometres, the truck had an accident on the highway and was totalled. The insurance proceeds for the truck were $42,000 cash. Calculate and record the amortization expense for the truck for the year 2022 using the straight-line method
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 7EA: Alfredo Company purchased a new 3-D printer for $900,000. Although this printer is expected to last...
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On January 1, 2019, Brazeau Transport purchased a $165,000 truck for hauling cattle across the border. Brazeau plans on driving the truck for four years, or 450,000 kilometres. The expected residual value for the truck is $35,000. On June 30, 2022, after driving the truck 44,000 kilometres, the truck had an accident on the highway and was totalled. The insurance proceeds for the truck were $42,000 cash.
Calculate and record the amortization expense for the truck for the year 2022 using the straight-line method
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