Beckworth Company Purchased a Truck on January 1,2009,at a Cash

question 15

Short Answer

Beckworth Company purchased a truck on January 1,2009,at a cash cost of $10,600.The estimated residual value was $400 and the estimated useful life 4 years.The company uses straight-line depreciation computed monthly.On July 1,2012,the company sold the truck for $1,900 cash.
A.What was the depreciation expense amount per month?
B.What was the amount of accumulated depreciation at July 1, 2012?
C.Give the required journal entries on the date of disposal, July 1, 2012.(Assume no 2012 depreciation had yet been recorded)

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Definitions:

Domestic Output

The total value of all goods and services produced within a country's borders over a specific time period, often referred to as the gross domestic product (GDP).

Total Wage Bill

The aggregate amount of wages paid by employers to all their employees over a specific period.

Pre-migration

Pre-migration refers to the period or condition before an individual or group migrates or moves from one place to another.

Immigration

The action of coming to live permanently in a foreign country, often impacting the labor force and economic growth.