Question

Exercise 10-07 a1-b2 Concord Company purchased a delivery truck for $29,000 on January 1, 2020. The truck has an expected salvage value of $1,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,300 in 2020 and 13,200 in 2021. Your answer is correct. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ per mile SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. 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 and depreciation rate to 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method $ $ (2) Units-of-activity method $ $ (3) Declining-balance method $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again. Assume that Concord uses the straight-line method. Prepare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,125.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again. Assume that Concord uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet. (Round answers to 0 decimal places, e.g. 2,125.) CONCORD COMPANY Partial Balance Sheet For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020 $ AddLess : $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 1 of 5 used SAVE FOR LATER SUBMIT ANSWER

Answer 1

Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense (29000-1000)/100000 $0.28 per mile

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 and depreciation rate to 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method (29000-1000/10) = 2800 $2800 (2) Units-of-activity method $12300*.28 = 3444 $13200*.28 = 3696 (3) Declining-balance method $29000*20% = 5800 $29000*80%*20% = 4640

Your answer is incorrect. Try again. Assume that Concord uses the straight-line method. Prepare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,125.) Account Titles and Explanation Debit Credit Depreciation expense 2800 Accumulated depreciation-Truck 2800

Your answer is incorrect. Try again. Assume that Concord uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet. (Round answers to 0 decimal places, e.g. 2,125.) CONCORD COMPANY Partial Balance Sheet December 31, 2020 Truck $29000 Less: Accumulated depreciation : -2800 $26200