! SHOW FULL SOLUTION !*do not use EXCEL*use data given properlythank you On March 31, 2024. Kemp Co. purchased a new vehicle for $25000. The vehicle had anexpected useful life of five years, and an expected residual value of $5000. The companyexpected that in those five years, the vehicle would be driven for 100000 kilometers basedon the following schedule202410000 km2025-20000 km2026-25000 km2027-22000 km202818000 km2029-5000 kmAssuming a December 31 fiscal year-end, prepare a depreciationschedule for the life of the asset using. use the given table as a guide:A) STRAIGHT LINE METHODYEARNO. OF MONTHSSTRAIGHT LINE VALUEВ.)NO. OFMONTHSYEARBEGINNINGBOOK VALUEDEPRECIATION RATEDEPRECIATIOENDING BOOKN EXPENSESVALUE

Depreciation is the expenses which falls under the non-cash expenses because there is no cash…

Answered: Assuming a December 31 fiscal year-end,…

Assuming a December 31 fiscal year-end, prepare a depreciation schedule for the life of the asset using. use the given table as a guide:

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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Question

! SHOW FULL SOLUTION ! *do not use EXCEL *use data given properly thank you

On March 31, 2024. Kemp Co. purchased a new vehicle for $25000. The vehicle had an
expected useful life of five years, and an expected residual value of $5000. The company
expected that in those five years, the vehicle would be driven for 100000 kilometers based
on the following schedule
202410000 km
2025-20000 km
2026-25000 km
2027-22000 km
202818000 km
2029-5000 km
Assuming a December 31 fiscal year-end, prepare a depreciation
schedule for the life of the asset using. use the given table as a guide:
A) STRAIGHT LINE METHOD
YEAR
NO. OF MONTHS
STRAIGHT LINE VALUE
В.)
NO. OF
MONTHS
YEAR
BEGINNING
BOOK VALUE
DEPRECIATIO
N RATE
DEPRECIATIO
ENDING BOOK
N EXPENSES
VALUE

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