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Question 16 of 21 - / 1 View Policies Current Attempt in Progress Novak Company purchased a delivery truck for $27,000 on January 1, 2022. The truck has an expected salvage value of $1,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 13,400 in 2022 and 13,900 in 2023. (a1) Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, eg. 0.50.) Depreciation expense $ per mile eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
(a2) Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) Depreciation Expense 2022 2023 (1) Straight-line method $ (2) Units-of-activity method $ $ (3) Declining-balance method $ $ eTextbook and Media
(51) Assume that Novak uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit I e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
( (12) Assume that Novak uses the straight-line method. Show how the truck would be reported in the December 31, 2022, balance sheet. NOVAK COMPANY Partial Balance Sheet ta $ eTextbook and Media List of Accounts