! Required information [The following information applies to the questions displayed below.] WeDeliver Incorporated is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that WeDeliver sold a delivery truck for $19,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $31,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $12,000, (b) $7,000, and (c) $15,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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- MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. Required: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000.MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $11,000. MoveIt had originally purchased the truck for $18,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (a) $7,000, (b) $4,000, and (c) $12,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $4,000, (b) $3,000, and (c) $5,000.
- VQT Companies is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 and had recorded depreciation for three years. E9-11 (Algo) Part 1 Required: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation—Truck was (a) $13,000, (b)$7,000, and (c) $17,000. (Select "None" if there is no Gain or Loss.)VQT Companies is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 and had recorded depreciation for three years. E9-11 (Algo) Part 4 Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $13,000, (b) $7,000, and (c) $17,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)I need help with these three questions. On January 1, 2022, Martinez Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $54,500. Related expenditures also paid in cash included: sales tax $2,050, shipping costs $100, insurance during shipping $110, installation and testing costs $80, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Martinez estimates that the useful life of the machine is 5 years with a $4,100 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $180,000. Martinez estimates that the useful life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. 1. For Machine A, prepare the journal entry to record its purchase on January 1, 2022 and record annual depreciation at December 31,…
- Ronson recently purchased a new boat to help ship product overseas. The following information is related to that purchase: purchase price $4,500,000 cost to bring boat to production facility $15,000 yearly insurance cost $12,000 pays annual maintenance cost of $22,000 received a 10% discount on sales price Determine the acquisition cost of the boat and record the journal entry needed.Hollings Company sells and delivers office furniture in the Rocky Mountain area.The costs associated with the acquisition and annual operation of a delivery truck are given below:Insurance ............................................. $1,600Licenses ............................................... $250Taxes (vehicle) ..................................... $150Garage rent for parking (per truck) ...... $1,200Depreciation ($9,000 5 years) .......... $1,800*Gasoline, oil, tires, and repairs ............ $0.07 per mile*Based on obsolescence rather than on wear and tear.Required:1. Assume that Hollings Company has purchased one truck that has been driven 50,000 miles during thefirst year. Compute the average cost per mile of owning and operating the truck.2. At the beginning of the second year, Hollings Company is unsure whether to use the truck or leaveit parked in the garage and have all hauling done commercially. (The state requires the payment ofvehicle taxes even if the vehicle isn’t…58. On July 1, 2022, Kim Seok-jin Company purchased a machinery from a dealer paying P2,310,000 cash. In addition, a P150,000 transaction cost was incurred to bring the machinery in the company’s premises. Using the conceptual framework, how much is the historical cost of the machinery?
- In September, Morrison purchased a new piece of machinery that will be used to manufacture its top selling product. The purchase price of the machine was $2,215. In addition, Morrison also paid: freight, $200; installation, $570; testing , $900; and repairs due to mishandling, $300. Ignoring the depreciation expense, at what cost should the machinery be recorded on the balance sheet?Bilboa Freightlines, S.A., of Panama, has a small truck that it uses for intracity deliveries. The truck is worn out and must be either overhauled or replaced with a new truck. The company has assembled the following information: Present Truck New Truck Purchase cost new $ 30,000 $ 39,000 Remaining book value $ 17,000 - Overhaul needed now $ 16,000 - Annual cash operating costs $ 15,500 $ 14,000 Salvage value-now $ 9,000 - Salvage value-five years from now $ 8,000 $ 10,000 If the company keeps and overhauls its present delivery truck, then the truck will be usable for five more years. If a new truck is purchased, it will be used for five years, after which it will be traded in on another truck. The new truck would be diesel-operated, resulting in a substantial reduction in annual operating costs, as shown above. The company computes depreciation on a straight-line basis. All investment projects are evaluated using a 9% discount rate. Click here to view…Bilboa Freightlines, S.A., of Panama, has a small truck that it uses for intracity deliveries. The truck is worn out and must be either overhauled or replaced with a new truck. The company has assembled the following information: Present Truck New Truck Purchase cost new $ 30,000 $ 39,000 Remaining book value $ 17,000 - Overhaul needed now $ 16,000 - Annual cash operating costs $ 15,500 $ 14,000 Salvage value-now $ 9,000 - Salvage value-five years from now $ 8,000 $ 10,000 If the company keeps and overhauls its present delivery truck, then the truck will be usable for five more years. If a new truck is purchased, it will be used for five years, after which it will be traded in on another truck. The new truck would be diesel-operated, resulting in a substantial reduction in annual operating costs, as shown above. The company computes depreciation on a straight-line basis. All investment projects are evaluated using a 9% discount rate. Click here to view…