At the end of the year panda inn owns a fleet of 15 trucks, Ask an Expert

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At the end of the year Panda Inn owns a fleet of 15 trucks all of which have 10 year useful lives, $1,000 residual values and are depreciated under GAAPs straight-line method. The CEO has authorized the sale of one five-year-old truck whose original cost was $45,000 at December 31". A few months later on March 29th a buyer is found and Panda receives the Kelly Blue Book fair market value of $16,900 for the automobile. Please show calculations and record JE(s) below.

Calculations:

Please do not write below this line. For use by Prof. Mares Bonuspoints earned: /2

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