In year one,McClintock Co.acquired a truck that cost $75,500 with an estimated $14,000 salvage value and 4 year estimated useful life.Depreciation in the first year was $15,375.McClintock had the following transactions involving plant assets during Year 2.Unless otherwise indicated,all transactions were for cash.
Prepare the general journal entries to record these transactions.
Definitions:
Contingency Thinking
An approach that considers various possible futures or outcomes and prepares strategies accordingly.
Environmental Differences
Variations in the external surroundings that can influence an organization's operations, including cultural, economic, political, and technological factors.
Human Resources Thinking
A perspective that emphasizes the strategic management of people within an organization to achieve competitive advantage.
Open-Systems Perspective
The view that organizations are dynamic entities that interact with their environment to exchange resources and information.
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