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per ... Log Into JWU Grammar Checker monument session Locator=&inprogress=f... ☆ @ Johnson & Wales P. Shared album - Dor.. bop There's racial biasi! eBook Calculator Cornerstone Exercise 7-21 (Algorithmic) Units-of-Production Depreciation Irons Delivery Inc. purchased a new delivery truck for $42,000 on January 1, 2019. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the units-of-production method of depreciation. Irons expects the truck to run for 150,000 miles. The actual miles driven in 2019 and 2020 were 42,000 and 36,000, respectively. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020. Round your answers to the nearest dollar. Do not round intermediate calculations. 2019 Dec. 31 Depreciation Expense Accumulated Depreciation (Record units-of-production depreciation expense) 9,600 2020 Dec. 31 Depreciation Expense 9,600 Accumulated Depreciation (Record units of production depreciation expense) Previous Next Check My Work

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Answer 1

Debit Credit Journal entries: Date General Journal 2019 dec31 Depreciation expenses Accumulated depreciation (to record unitof production depreciation for 2019) $ 10,667 $ 10,667 9,600 2020 dec31 Depreciation expenses Accumulated depreciation 9,600 (to record unitof production depreciation for 2019) Total cost of the truck Less: Residual value Depreciable value 42,000 (2,000) 40,000 $ Total capacity in miles Miles driven in 2019 Miles driven in 2020 150,000 40,000 36,000 Depreciation: Accumulated depreciation Amount $ 10,666.67$ Depreciation for 2019 ( 40000 /150000) x 40000 10,666.67 Depreciation for 2020 ( 40000/150000) x 36000 $ 9,600.00 $ 20,266.67

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