give all journal entries with respect to the truck on december 31 2012 show computat 558555

Inferring Asset Age and Recording Accidental Loss on a Long Lived Asset (Straight Line Depreciation) On January 1, 2012, the records of Seward Corporation showed the following regarding a truck:

Equipment (estimated residual value, $8,000)

$18,000

Accumulated depreciation (straight line, three years)

6,000

On December 31, 2012, the delivery truck was a total loss as the result of an accident.

Required:

1. Based on the data given, compute the estimated useful life of the truck.

2. Give all journal entries with respect to the truck on December 31, 2012. Show computations.

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