Sheffield Ridge Co.purchased new trucks at the beginning of 2012 for $600,000.The trucks had an estimated life of 4 years and an estimated residual value of $50,000.Sheffield Ridge uses straight-line depreciation.At the beginning of 2013,Sheffield Ridge sold the trucks for $480,000 and purchased new trucks for $700,000.Determine the following amounts:

Question

Sheffield Ridge Co.purchased new trucks at the beginning of 2012 for $600,000.The trucks had an estimated life of 4 years and an estimated residual value of $50,000.Sheffield Ridge uses straight-line depreciation.At the beginning of 2013,Sheffield Ridge sold the trucks for $480,000 and purchased new trucks for $700,000.Determine the following amounts:
Sheffield Ridge Co.purchased new trucks at the beginning of 2012 for $600,000.The trucks had an estimated life of 4 years and an estimated residual value of $50,000.Sheffield Ridge uses straight-line depreciation.At the beginning of 2013,Sheffield Ridge sold the trucks for $480,000 and purchased new trucks for $700,000.Determine the following amounts:

Quizplus · Accepted Answer

The Answer of Sheffield Ridge Co.purchased new trucks at the beginning of 2012 for $600,000.The trucks had an estimated life of 4 years and an estimated residual value of $50,000.Sheffield Ridge uses straight-line depreciation.At the beginning of 2013,Sheffield Ridge sold the trucks for $480,000 and purchased new trucks for $700,000.Determine the following amounts: