Homework Answers
Under the straight-line method, the book value of an asset is depreciated over its useful life.
Straight line depreciation = (Purchase price - Salvage value) / Expected Number of years.
= (15000 - 1200) / 4
= $ 3,450
The answer is as follows:
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Delaney purchasedused van for use in its business on January 1, 2017 paid $18,000 for the van Delaney expects the won to have a useful 40.000 miles during 2017. 40,000 miles during 2018 9,000 miles in 2010 and 70,000 in 2020, for total expected of 165.000 four years, with an estimated result of $1.500 Deney expects to drive the Read the requirements Com b os Entrane values) Annual Depreciation Expense Accumulated Depreciation Book
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25.
Lilly Dilly Delivery Service purchased a delivery van for $50,000 on 1/1/19. Lilly estimates that the van will have a four-year service life, and the residual value of the van is $5,000. During the four year period, the company expected to drive the van 120,000 miles. Actual miles driven each year were: 33,000 miles in year 1, 36,000 miles in year 2, 28,000 miles in year 3, and 30,000 miles in year 4. Please pay attention to the dates!...
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delivery van for $33,000. At the end of its five-year service life,
it is estimated that the van will be worth $3,000. During the
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