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1. Barb's Florists purchased a small delivery truck on January 1, 2020. Cost $50,000 . Expected salvage value $5,000 ● Estimated useful life in years Estimated useful life in miles 5 100,000 Required: Provide the journal entry for depreciation using the following methods. (Note: Different years) (a) Depreciation for 2022 using Straight-Line method (b) Depreciation for 2021 using Units-of-Activity if the truck drives 20,000 miles in 2021. (c) Depreciation for 2021 using Double Declining Balance method

1. Barb's Florists purchased a small delivery truck on January 1, 2020. Cost $50,000 . Expected salvage value $5,000 ● Estimated useful life in years Estimated useful life in miles 5 100,000 Required: Provide the journal entry for depreciation using the following methods. (Note: Different years) (a) Depreciation for 2022 using Straight-Line method (b) Depreciation for 2021 using Units-of-Activity if the truck drives 20,000 miles in 2021. (c) Depreciation for 2021 using Double Declining Balance method

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Barb's Florists purchased a small delivery truck on January 1, 2020. • Cost $50,000 . Expected salvage value $5,000 Estimated useful life in years Estimated useful life in miles 5 ● 100,000 Required: Provide the journal entry for depreciation using the following methods. (Note: Different years) (a) Depreciation for 2022 using Straight-Line method (b) Depreciation for 2021 using Units-of-Activity if the truck drives 20,000 miles in 2021. (c) Depreciation for 2021 using Double Declining Balance method
Transcribed Image Text:1. Barb's Florists purchased a small delivery truck on January 1, 2020. • Cost $50,000 . Expected salvage value $5,000 Estimated useful life in years Estimated useful life in miles 5 ● 100,000 Required: Provide the journal entry for depreciation using the following methods. (Note: Different years) (a) Depreciation for 2022 using Straight-Line method (b) Depreciation for 2021 using Units-of-Activity if the truck drives 20,000 miles in 2021. (c) Depreciation for 2021 using Double Declining Balance method
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