Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an expected salvage value of $1,500, and is expected to be driven 102,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2020 and 14,300 in 2021.
'Calculate depreciation expense per mile under units-of-activity
method. (Round answer to 2 decimal places, e.g.
0.50.)
Depreciation expense | $ | per mile |
Depreciation expense = (Cost - Salvage value) /Total miles = (27,000-1500)/102,000 = 25,500/102,000 = 0.25 per mile |
|
2020 = 12,800*0.25 = 3200 2021 = 14,300*0.25 = 3575 |
Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an...
Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an expected salvage value of $1,500, and is expected to be driven 102,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2020 and 14,300 in 2021. Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50...
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