MoveIt Corporation is the world’s leading express-distribution company. In addition to the world’s largest fleet of all-cargo aircraft, the company has more than 54,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $26,000. MoveIt had originally purchased the truck for $43,000 and had recorded depreciation for three years.

1.Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was

(a) $17,000,
(b) $12,000, and
(c) $19,000

2.Using the following structure, indicate the effects on disposal of the truck, assuming that Accumulated Depreciation was (a) $17,000, (b) $12,000, and (c) $19,000.

3.Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (a) $17,000, (b) $12,000, and (c) $19,000.

Question

20-04-2020
Business

contestada

MoveIt Corporation is the world’s leading express-distribution company. In addition to the world’s largest fleet of all-cargo aircraft, the company has more than 54,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $26,000. MoveIt had originally purchased the truck for $43,000 and had recorded depreciation for three years.

1.Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was

(a) $17,000,
(b) $12,000, and
(c) $19,000

2.Using the following structure, indicate the effects on disposal of the truck, assuming that Accumulated Depreciation was (a) $17,000, (b) $12,000, and (c) $19,000.

3.Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (a) $17,000, (b) $12,000, and (c) $19,000.

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Zviko Zviko · Answer 1 · 2020-04-21T06:59:50+02:00

Answer:

1a. 0

1b. ($ 5,000)

1c. $ 2,000

2a.

Nill

2b.

Decrease in Income

2c.

Increase in Income

3a.

Cash $26,000 (debit)

Accumulated Depreciation $17,000 (credit)

Delivery truck $43,000 (debit)

3b.

Cash $26,000 (debit)

Accumulated Depreciation $12,000 (credit)

Loss on Sale of Delivery Truck $ 5,000 (debit)

Delivery truck $43,000 (debit)

4c.

Cash $26,000 (debit)

Accumulated Depreciation $19,000 (credit)

Delivery truck $43,000 (debit)

Explanation:

1a.

Income/(loss) = $43,000- $17,000- $26,000

=0

1b.

Income/(loss) = $43,000- $12,000- $26,000

= ($ 5,000)

1c.

Income/(loss) = $43,000- $19,000- $26,000

= $ 2,000

3a.

Cash $26,000 (debit)

Accumulated Depreciation $17,000 (credit)

Delivery truck $43,000 (debit)

3b.

Cash $26,000 (debit)

Accumulated Depreciation $12,000 (credit)

Loss on Sale of Delivery Truck $ 5,000 (debit)

Delivery truck $43,000 (debit)

4c.

Cash $26,000 (debit)

Accumulated Depreciation $19,000 (credit)

Delivery truck $43,000 (debit)

Profit on Sale of Delivery Truck $ 2,000