Estimated Accumulated Depreciation at Beginning of Year Miles Operated During Year 21,000 miles 33,900 miles 7,900 miles 22,500 miles Truck No. Residual Value Useful Life Cost 245,900 miles 295,900 miles 201,400 miles 241,500 miles $76,065 $14,590 6,220 50,605 $14,430 13,590 61,850 76,024 22,810 25,250 90,430 A. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year. Round the rate per mile to two decimal places and credit to accumulated depreciation to the nearest dollar. B. Journalize the entry on Dec. 31 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles.
Estimated Accumulated Depreciation at Beginning of Year Miles Operated During Year 21,000 miles 33,900 miles 7,900 miles 22,500 miles Truck No. Residual Value Useful Life Cost 245,900 miles 295,900 miles 201,400 miles 241,500 miles $76,065 $14,590 6,220 50,605 $14,430 13,590 61,850 76,024 22,810 25,250 90,430 A. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year. Round the rate per mile to two decimal places and credit to accumulated depreciation to the nearest dollar. B. Journalize the entry on Dec. 31 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Estimated
Accumulated Depreciation at
Beginning of Year
Miles Operated
During Year
21,000 miles
33,900 miles
7,900 miles
22,500 miles
Truck No.
Residual Value
Useful Life
Cost
245,900 miles
295,900 miles
201,400 miles
241,500 miles
$76,065
$14,590
6,220
50,605
$14,430
13,590
61,850
76,024
22,810
25,250
90,430
A. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary
accounts for the miles operated during the current year. Round the rate per mile to two decimal places and credit to accumulated depreciation
to the nearest dollar.
B. Journalize the entry on Dec. 31 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles.
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