Lightning Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 120,000 miles and a residual value of $3,000. The truck was driven 10,000 miles in 2019 and 13,000 miles in 2020. Lightning computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 2019 b. Sum-of-the-years'-digits method $ 5,728 $ 2020 $ 7,064 c. Double-declining-balance method $ 6,750 2019 3,150 4,200 2020 $ d. Activity method 2019 $ $ ہے 2020 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method

Lightning Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 120,000 miles and a residual value of $3,000. The truck was driven 10,000 miles in 2019 and 13,000 miles in 2020. Lightning computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 2019 b. Sum-of-the-years'-digits method $ 5,728 $ 2020 $ 7,064 c. Double-declining-balance method $ 6,750 2019 3,150 4,200 2020 $ d. Activity method 2019 $ $ ہے 2020 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Lightning Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019.

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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