Required Information The Following Information Applies To The Questions Displayed Below On January 1 2021 The Exc 1 (81.54 KiB) Viewed 12 times
Required Information The Following Information Applies To The Questions Displayed Below On January 1 2021 The Exc 2 (31.78 KiB) Viewed 12 times
Required Information The Following Information Applies To The Questions Displayed Below On January 1 2021 The Exc 3 (71.39 KiB) Viewed 12 times
! Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $45,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 144,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year
2. Double-declining balance. (Round your answers to the nearest whole dollar amount.) Year 2021 2022 2023 2024 2025 Total Depreciation $ 0
3. Units of production using miles driven as a measure of output, and the following actual mileage: (Do not round intermediate calculations.) Answer is complete but not entirely correct. Depreciation Year 2021 2022 2023 2024 2025 Total Miles 34,000 $ 20,000 27,000 32,000 33,000 9,860 5,800 7,830 9,280 9,570 X 42,340
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