Business, 28.05.2021 04:40 doversu14

A truck was acquired on July 1, 2010, at a cost of $162,000. The truck had a nine-year useful life and an estimated salvage value of $18,000. The straight-line method of depreciation was used. On January 1, 2014, the truck was overhauled at a cost of $15,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $18,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned. Instructions: Prepare the appropriate entries for January 1, 2014 and December 31, 2014.

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A truck was acquired on July 1, 2010, at a cost of $162,000. The truck had a nine-year useful life a...

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