On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, and is expected to last five years & 40,000 miles. Note: you may not require all the given information to solve.
If they drove the truck 10,000 miles in 2019 and calculated depreciation based on units-of-output, how much would be depreciated in 2019?
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, and...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use the partial year convention to depreciate fractional periods. Note: you may not require all the given information to solve. 1). Straight line depreciation expense for 2020 will be: 500 27,000-2,000/5=12/12 =5x1 =500 2). Show the journal entry to record depreciation for 2020 Depreciation expense 500 Accumulated Depreciation -Truck 500
On July 9, 2019, Blane's purchased a truck for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Usethe partial year convention to depreciate fractional periods and straight-line. Note: you may not require all the given information to solve. If the truck was sold December 31, 2020 for $17,000, what is the required journal entry to record the sale.
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use partial year convention (nearest month) to depreciate fractional periods. Note: you may not require all the given information to solve. Straight line depreciation expense for 2019 will be: 250 cost -salvage life/useful life in periods 27,000-2,000/5x6/12 =5x.5 =250
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use the partial year convention to depreciate fractional periods. Note: you may not require all the given information to solve. The book value of the truck under straight-line at December 31, 2020 after all adjusting entries, will be: 2019...................-250 2020....................-500 27,000-250-500=26,250 2). If the truck was sold on December 31, 2020 for $17,000, compute the gain...
Could you solve clearly? Thanks a lot!! 1 July 1, 2010, Studemont purchased a delivery truck for $50,000. The truck has a $10,000 salvage value and a 160,000-mile estimated useful life. Studemont uses the units-of-production depreciation method. Studemont drove the truck 20.000 and 50,000 miles during 2010 and 2011, respectively. What is the balance in Studemont's Accumulated Depreciation account relative to delivery truck at December 31, 2011? a. $ 5,000 b. $12,500 $15,000 $17,500 e. $21,875
Ivanhoe Company purchased a delivery truck for $40,000 on July 1, 2022. The truck has an expected salvage value of $10,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Ivanhoe uses the straight-line method of depreciation. Your answer is partially correct. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method $ $ 3750 3750
Depreciation Methods A delivery truck costing $24,000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 125,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units of production (Assume that the truck was driven 28,000 miles in the second year.) Round all answers to the nearest...
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 Methods A delivery truck costing $22.000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 100,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units-of- production. (Assume that the truck was driven 30,000 miles in the second year.) Round all answers to the nearest dollar....
Depreciation Methods A delivery truck costing $22,000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 100,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units of production. (Assume that the truck was driven 30,000 miles in the second year.) Round all answers to the nearest...