1 $77,000 $11,550 230,000 miles 34,500 miles 2 111,800 13,416 3 103,500 4 115,000 14,490 13,800 340,000 miles 204,000 miles 370,000 miles $22,360 82,800 23,000 34,000 miles 20,400 miles 44,400 miles a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile (in cents) Credit to Accumulated Miles Operated Depreciation 1 $ 0.30 34,500 2 34,000 Total 3 20,400 44,400 b. Journalize the entry to record depreciation for the year. If an amount box does not require an entry, leave it blank. Depreciation Expense-Trucks Accumulated Depreciation-Trucks
1 $77,000 $11,550 230,000 miles 34,500 miles 2 111,800 13,416 3 103,500 4 115,000 14,490 13,800 340,000 miles 204,000 miles 370,000 miles $22,360 82,800 23,000 34,000 miles 20,400 miles 44,400 miles a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile (in cents) Credit to Accumulated Miles Operated Depreciation 1 $ 0.30 34,500 2 34,000 Total 3 20,400 44,400 b. Journalize the entry to record depreciation for the year. If an amount box does not require an entry, leave it blank. Depreciation Expense-Trucks Accumulated Depreciation-Trucks
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1
$77,000
$11,550
230,000 miles
34,500 miles
2
111,800
13,416
3
103,500
4
115,000
14,490
13,800
340,000 miles
204,000 miles
370,000 miles
$22,360
82,800
23,000
34,000 miles
20,400 miles
44,400 miles
a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the
miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per
mile to two decimal places. Enter all values as positive amounts.
Truck No.
Rate per Mile
(in cents)
Credit to
Accumulated
Miles Operated Depreciation
1
$
0.30
34,500
2
34,000
Total
3
20,400
44,400
b. Journalize the entry to record depreciation for the year. If an amount box does not require an entry, leave it blank.
Depreciation Expense-Trucks
Accumulated Depreciation-Trucks
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