Trev’s Gardening Services purchased a trailer on 1 July 2016 for $26 200. It was estimated to have a useful life of 5 years and a residual value at the end of that time of $2800.
Required
A. What is the depreciation expense for the year ended 30 June 2017?
B. What is the balance of the Accumulated Depreciation account at the end of June 2018?
C. What is the carrying amount of the hearse in the statement of financial position at 30 June 2017 and at 30 June 2018?
D. Explain why an entry is made to the Accumulated Depreciation account rather than to the Trailer account.
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