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Current Attempt in Progress Kingbird, Inc. purchased a truck for $80,000. The company expected the truck to last four years or 120,000 miles, with an estimated residual value of $17,000 at the end of that time. During the second year the truck was driven 31,000 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. Units-of-activity Double-declining-balance

Current Attempt in Progress Kingbird, Inc. purchased a truck for $80,000. The company expected the truck to last four years or 120,000 miles, with an estimated residual value of $17,000 at the end of that time. During the second year the truck was driven 31,000 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. Units-of-activity Double-declining-balance

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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Current Attempt in Progress Kingbird, Inc. purchased a truck for $80,000. The company expected the truck to last four years or 120,000 miles, with an estimated residual value of $17,000 at the end of that time. During the second year the truck was driven 31,000 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. Units-of-activity Double-declining-balance- $
Transcribed Image Text:Current Attempt in Progress Kingbird, Inc. purchased a truck for $80,000. The company expected the truck to last four years or 120,000 miles, with an estimated residual value of $17,000 at the end of that time. During the second year the truck was driven 31,000 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. Units-of-activity Double-declining-balance- $
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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