Question

and Manageria... x ents Compute depreciation using different methods. ents lanagerial Edition E9.7 (LO 2) Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2020 and 12,000 in 2021. Instructions a. Compute depreciation expense for 2020 and 2020 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. b. Assume that Linton uses the straight-line method. 1. Prepare the journal entry to record 2020 depreciation. 2. Show how the truck would be reported in the December 31, 2020, balance sheet Compute revised annual depreciation E9.8 (LO 2) Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Type of Asset Building Date Acquired 1/1/14 Cost $800,000 Accumulated Depreciation 1/1/20 $114 000 Useful Life in Years Old Proposed Salvage Value Old Proposed

I need help solving Exercise 7