A small delivery truck was purchased on January 1 at a cost of $22,320. It has an estimated useful life of four years and an estimated salvage value of $5,320. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight- line method.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....
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A small delivery truck was purchased on January
1 at a cost of $22,320. It has an estimated useful
life of four years and an estimated salvage value
of $5,320.
Prepare a depreciation schedule showing the
depreciation expense, accumulated depreciation,
and book value for each year under the straight-
line method.
Transcribed Image Text:A small delivery truck was purchased on January 1 at a cost of $22,320. It has an estimated useful life of four years and an estimated salvage value of $5,320. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight- line method.
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