Temple Company sold a delivery truck on April 1, 2013. Swann had acquired the truck on January 1,… 1 answer below »

Temple 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".

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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".

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