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Assume that Bridgeport uses the straight-line method. Prepare the journal entry to record 2027 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 O for the amounts.) Account Titles and Explanation eTextbook and Medla List of Accounts Save for Later (b2) Debit Credit Attempts: 0 of 5 used Submit Answer Assume that Bridgeport uses the straight-line method. Show how the truck would be reported in the December 31, 2027, balance sheet. BRIDGEPORT COMPANY Partial Balance Sheet $ Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2027. The truck has an expected salvage value of $1,500, and is expected to be driven 102,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2027 and 14,300 in 2028. (a1) Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) (a2) Depreciation expense eTextbook and Media List of Accounts Save for Later per mile Attempts: 0 of 5 used Submit Answer Compute depreciation expense for 2027 and 2028 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, eg. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to O decimal places, eg. 2,125.) Depreciation Expense 2027 2028 (1) Straight-line method $ $ (2) Units-of-activity method $ $ (3) Declining-balance method $ $

Assume that Bridgeport uses the straight-line method. Prepare the journal entry to record 2027 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 O for the amounts.) Account Titles and Explanation eTextbook and Medla List of Accounts Save for Later (b2) Debit Credit Attempts: 0 of 5 used Submit Answer Assume that Bridgeport uses the straight-line method. Show how the truck would be reported in the December 31, 2027, balance sheet. BRIDGEPORT COMPANY Partial Balance Sheet $ Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2027. The truck has an expected salvage value of $1,500, and is expected to be driven 102,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2027 and 14,300 in 2028. (a1) Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) (a2) Depreciation expense eTextbook and Media List of Accounts Save for Later per mile Attempts: 0 of 5 used Submit Answer Compute depreciation expense for 2027 and 2028 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, eg. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to O decimal places, eg. 2,125.) Depreciation Expense 2027 2028 (1) Straight-line method $ $ (2) Units-of-activity method $ $ (3) Declining-balance method $ $

College Accounting, Chapters 1-27
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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Assume that Bridgeport uses the straight-line method. Prepare the journal entry to record 2027 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 O for the amounts.) Account Titles and Explanation eTextbook and Medla List of Accounts Save for Later (b2) Debit Credit Attempts: 0 of 5 used Submit Answer Assume that Bridgeport uses the straight-line method. Show how the truck would be reported in the December 31, 2027, balance sheet. BRIDGEPORT COMPANY Partial Balance Sheet $
Transcribed Image Text:Assume that Bridgeport uses the straight-line method. Prepare the journal entry to record 2027 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 O for the amounts.) Account Titles and Explanation eTextbook and Medla List of Accounts Save for Later (b2) Debit Credit Attempts: 0 of 5 used Submit Answer Assume that Bridgeport uses the straight-line method. Show how the truck would be reported in the December 31, 2027, balance sheet. BRIDGEPORT COMPANY Partial Balance Sheet $
Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2027. The truck has an expected salvage value of $1,500, and is expected to be driven 102,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2027 and 14,300 in 2028. (a1) Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) (a2) Depreciation expense eTextbook and Media List of Accounts Save for Later per mile Attempts: 0 of 5 used Submit Answer Compute depreciation expense for 2027 and 2028 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, eg. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to O decimal places, eg. 2,125.) Depreciation Expense 2027 2028 (1) Straight-line method $ $ (2) Units-of-activity method $ $ (3) Declining-balance method $ $
Transcribed Image Text:Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2027. The truck has an expected salvage value of $1,500, and is expected to be driven 102,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2027 and 14,300 in 2028. (a1) Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) (a2) Depreciation expense eTextbook and Media List of Accounts Save for Later per mile Attempts: 0 of 5 used Submit Answer Compute depreciation expense for 2027 and 2028 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, eg. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to O decimal places, eg. 2,125.) Depreciation Expense 2027 2028 (1) Straight-line method $ $ (2) Units-of-activity method $ $ (3) Declining-balance method $ $
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