Depreciation rate? On January 1, 20X2, Zenco Motors, which uses UOPdepreciation, purchases a delivery van for $30,000with an estimated useful life of 120,000 miles and aresidual value of $6,000. Miles driven are as follows:Year Miles20X2 22,00020X3 18,00020X4 20,00020X5 30,00020X6 30,000What is the depreciation rate?

Explanation of Units-of-Production (UOP) Method:The units-of-production method is a depreciation…

Answered: On January 1, 20X2, Zenco Motors, which…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one it expects to use the truck for 26,000 miles. Calculate the annual depreciation expense.
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A utility vehicle purchased by Knox industries should last 110,000 miles . the accusation cost was 21,200 and the salvage value is 1,913. Using the units of production depreciation method given the annual usage information calculate the accumulated depreciation at the end of year to round your depreciation per unit to three decimal places run your answer to the nearest cent. year one 22,029. Your two 22,724. Year 3 23,420. year 4 23,188. Answer key A.3,976.70 B.4,098.50 C.7,831.78 D.13,368.23
Camping World purchased a new delivery truck on January 1, 2023. The truck has a cost of $44,400, an estimated life of 5 years, and an estimated salvage value of $8,400. What is the amount by which straight-line depreciation exceeds double - declining balance depreciation over the 5-year life of the truck? Select one: a. $8, 400 b. $0 c. $7,200 d. $17,760 e. $44,400
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Swifty Corporation purchased a delivery truck for $28,000 on January 1, 2020. 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 8 years. Actual miles driven were 14,500 in 2020 and 11,000 in 2021. PArt1: Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ ? per mile PART 2: Compute depreciation expense for 2020 and 2021 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 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method $ ? $ ? (2) Units-of-activity method $ ? $ ? (3) Double-declining-balance method $ ? $ ?…

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