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Create the journal entry to record the sale of that item

    Assignment Instructions

    Assignment ID: FG133134650

    Question – Barb bought land for $55,000 with cash on January 1, 3003. She also bought a truck on February 1, 3003 for $27,000 with cash. She figures it was a good investment for the truck should be useful for 20 years. Each year, the truck allows Barb to successfully complete 1,000 orders. After about ten years, Barb is now saying the truck will only last for three more at the max. On the truck’s thirteenth year in service Barb sells it for $15,000.

    When you reply to someone’s post you need to create the journal entry for depreciation for the end of the first year FOR BOTH straight line depreciation and units-of-activity. You then need to create the journal entry to record the sale of that item at the end of its life assuming the straight line method was used to record depreciation for the life of the item.

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