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Prepare journal entries to record the purchase of the truck

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Question - ABC Moving and Storage acquired a new truck for $100,000, paying $20,000 cash and signing a promissory note for the balance. According to the bill of sale, ABC also paid cash for sales tax of 8%, plus registration, tags and delivery fees of $400.  The new truck is estimated to have a 5-year economic life and a residual (salvage) value of $8,400.  ABC uses straight-line depreciation.  Due to delays, the truck was not placed in service until April 1, 2020.  ABC has a December 31 fiscal year.

Required - Prepare journal entries to record the purchase of the truck and related depreciation for 2020.

Reference no: EM132531252

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