Use the Information That Follows Concerning Harrahs, Inc

question 46

Essay

Use the information that follows concerning Harrahs, Inc. to answer problems 22 through 24.
Harrahs Corporation purchased a dump truck at the beginning of 2008 at a cost of $60,000. The truck had an estimated life of 5 years and an estimated residual value of $5,000. On January 1, 2010, the company made major repairs of $3,000 to the truck that extended its life 2 more years. Starting with 2010, the truck has a remaining life of 5 years. The company uses the straight-line depreciation method.
-How much is the book value of the truck to be reported on the balance sheet at the end of 2009?

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Definitions:

Prescribe Measures

The act of officially recommending or stipulating specific actions or procedures to address a problem or improve a situation.

Developmental Psychology

A field of psychology focused on understanding how human beings change over the course of their life, particularly during childhood and adolescence.

Individual Differences

Variations among individuals in their mental, physical, and emotional traits.

Characteristics

Attributes, features, or qualities that identify and distinguish individuals, objects, or phenomena.