Prior to Adjustment at the End of the Year, the Balance

question 213

Essay

Prior to adjustment at the end of the year, the balance in Trucks is $300,900 and the balance in Accumulated
Depreciation-Trucks is $88,200. Details of the subsidiary ledger are as follows: $$\begin{array} { | l | l | l | l | l | l | } \hline \begin{array} { l } \text { Truck } \\\text { No. }\end{array} & \text { Cost } & \begin{array} { l } \text { Estimated } \\\text { Residual Value }\end{array} & \begin{array} { l } \text { Estimated } \\\text { Useful Life }\end{array} & \begin{array} { l } \text { Accumulated } \\\text { Depreciation at } \\\text { Beginning of Year }\end{array} & \begin{array} { l } \text { Miles } \\\text { Operated } \\\text { During Year }\end{array} \\\hline 1 & \$ 100,000 & \$ 13,000 & 300,000 & - & 30,000 \\\hline 2 & 72,900 & 9,900 & 300,000 & \$ 60,000 & 25,000 \\\hline 3 & 38,000 & 3,000 & 200,000 & 8,050 & 45,000 \\\hline 4 & 90,000 & 13,000 & 200,000 & 20,150 & 40,000 \\\hline\end{array}$$ Required:
1) Based on the units-of-output method, determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year.
2) Journalize the entry to record depreciation for the year.

Calculate and interpret the single equivalent discount rate of multiple discounts.

Identify and understand the legal and ethical implications of insider trading.

Recognize the roles and responsibilities of individuals in preventing and reporting insider trading.

Distinguish between tipper and tippee liability within the context of securities trading.

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Definitions:

Independent Self-Awareness

A psychological state where an individual sees themselves as separate from others, focusing on personal traits and the ability to control their own fate.

Looking-Glass Self

The idea that people learn about themselves by imagining how they appear to others.

Increased Self-Awareness

The enhanced recognition and understanding of one's own personality, feelings, motives, and desires.

Public Self-Consciousness

Thinking about how others perceive you.