March 18th, 2019 
adminTemple Company sold a delivery truck on April 1, 2013. Swann had acquired the truck on January 1, 2009, for $60,700. At acquisition, Temple had estimated that the truck would have an estimated life of 10 years and a residual value of $5,700. At December 31, 2012, the truck had a book value of $38,700. Temple uses the straight-line method.1a. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $38,625: For compound entries, if an amount box does not require an entry, leave it blank or enter “0”.1b. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $35,425: For compound entries, if an amount box does not require an entry, leave it blank or enter “0”.3. Assume that Temple uses IFRS and sold the truck for $38,625. In addition, Temple had previously recorded a revaluation surplus related to this machine of $3,500. What journal entries are required to record the sale? For compound entries, if an amount box does not require an entry, leave it blank or enter “0”.
Solution Preview:
kindly find attached an excel file ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….Kindly find attached the amended file carrying second sheet for clarifications….
Posted in Uncategorized