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Flounder Company purchased a delivery truck for $33,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 13,800 in 2022 and 10,200 in 2023.

Flounder Company purchased a delivery truck for $33,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 13,800 in 2022 and 10,200 in 2023.

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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(a2) Compute depreciation expense for 2022 and 2023 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, e.g. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) (1) Straight-line method i (2) Units-of-activity method (3) $ Save for Later $ Declining-balance method $ 2022 Depreciation Expense $ $ $ 2023 Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:(a2) Compute depreciation expense for 2022 and 2023 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, e.g. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) (1) Straight-line method i (2) Units-of-activity method (3) $ Save for Later $ Declining-balance method $ 2022 Depreciation Expense $ $ $ 2023 Attempts: 0 of 1 used Submit Answer
Flounder Company purchased a delivery truck for $33,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 13,800 in 2022 and 10,200 in 2023.
Transcribed Image Text:Flounder Company purchased a delivery truck for $33,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 13,800 in 2022 and 10,200 in 2023.
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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