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Q8. Use the following information to answer Q8a & 8b.          On June 30, 2019, ABC...

Q8. Use the following information to answer Q8a & 8b.

         On June 30, 2019, ABC Co. paid $145,000 for a fork-lift truck. ABC estimate the truck has an 8-year life and a residual value of $15,000.

Q8a. Journalize the Dec 31, 2019 adjusting entry [1 mark].

Date 2019

Dr.

Cr.

Q8b. Determine the book value of the truck as at Dec 31, 2020 [1 mark].

Show plausible calculations to get credit.

Answer: The truck’s book value is $
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