Corporation purchased a truck on june 1 2012 at a cost of, Ask an Expert

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Corporation purchased a truck on June 1 2012 at a cost of $170,000. The truck had a useful life of 8 years with an estimated salvage value of $10,000. They use the straight-line depreciation method and their fiscal year end is 12/31. On February 1, 2015 the truck needed an engine overall which cost $40,000 and extended the useful life for an additional 5 years beyond the original estimate. New salvage value is estimated to be $15,000. Prepare the appropriate journal entries at February 1, 2015 and December 31, 2015 for this truck.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9970818

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