Year 2 Jan. 6. Purchased a new truck for $60,000, paying cash. Apr. 1. Sold the used truck for $14,000. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $280 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estimated life of five years. Year 3 July 1. Purchased a new truck for $65,000, paying cash. Oct. 2. Sold the truck purchased January 6, Year 2, for $19,520. (Record depreciation to date for Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful life of eight years. Instructions Journalize the transactions and the adjusting entries.

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A: Count data:  Count data is a kind of statistical data, in which the observations might only consider…

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A: Physical controls are basically to safeguard the assets of the entity which are highly valuable. It…

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A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: is a “look through entity”

A: Look-Through Entity: Look-Through Entity suggests that an individual that's registered under the…

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A: The question seems confusing. Therefore, I am answering the following terms: Organized activity…

Q: Where does the information on step one comes from?

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A: Solution- Agency order An order to buy or sell that a broker executes with another investor. The…

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Q: Define the term Force account?

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Portfolio Management

Portfolio management is the process by which an investor decides that how the person will invest in a variety of assets in order to get a desired return in the future. A portfolio means a pool of assets that includes securities, bonds, and other investment instruments which helps in risk minimization of the money that has been invested. In other words, it can be said that a portfolio means a combination of assets in which an investor decides to invest their money in order to get a lump sum return in the future or even a series of cash flow that the person is expecting at the end of their job life.