I don't need ai answer general accounting question On January 1, 20Y1, TruckCo, which uses UOP depreciation, purchased a delivery vanfor $30,000 with an estimated useful life of 80,000 miles and a residual value of $6,000.Miles driven are as follows:Year Miles20Y1 16,00020Y2 12,00020Y3 14,00020Y4 20,00020Y5 18,000The depreciation expense for the van in 20Y1 is:a. $16,000b. $4,800c. $6,000d. $30,000

Calculation of Depreciation per mileDepreciation per mile = (Purchase price of Van - Residual…

Answered: On January 1, 20Y1, TruckCo, which uses…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter11: Long-term Assets

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Problem 4EB: Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...

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Grandorf Company replaced the engine in a truck for 8,000 and expects the new engine will extend the life of the truck two years beyond the original estimated life. Related information is provided below. Cost of truck 65,000 Salvage value 5,000 Original estimated life 6 years The truck was purchased on January 1, 20-1. The engine was replaced on January 1, 20-6. Using straight-line depreciation, compute depreciation expense for 20-6.
Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.
Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a straight-line basis over a useful life of 10 years and used a residual value of $12,000. Chapmans depreciation expense for 2019 was $11,000. What was the original cost of the building? a. $98,000 b. $110,000 c. $122,000 d. $134,000
Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for 1,500 each. The company uses group depreciation on a straight-line basis. Required: 1. Prepare journal entries to record the acquisition and the first years depreciation expense. 2. If one of the cars is sold at the beginning of the second year for 7,000, what journal entry is required?
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 the company expects the truck to be driven for 26,000 miles; in year two, 30,000 miles; and in year three, 40,000 miles. Consider how the purchase of the truck will impact Montellos depreciation expense each year and what the trucks book value will be each year after depreciation expense is recorded.
Can you please answer the accounting question?
What is the depreciation rate for this accounting question?
On October 1 of this year, SportsWorld purchased a delivery van for $23,000 with a residual value of $3,000. The van has an estimated useful life of 5 years. Using straight-line depreciation and the half-year rule, how much depreciation expense should SportsWorld recognize on December 31 of this year? O $1,465 O $4,600 O $1,000. O $1,333 O $2,000 O other:
Marlow Co. purchased a point of sale system in jan1 for 6,400. This system has a useful life of 5 years and a salvage value of 900. what would be the depreciation expense for the second year of its useful life using the double declining balance method
In January 20x8, Titania Co. purchased a machine that cost $80,000. The equipment is estimated to have a 4-year useful life and a salvage value of $12,000. a) Compute the amount of depreciation expense for 20x8 and 20x9 using sum-of-the-years'-digits method. b) Assume the Company used straight-line depreciation and sold the machine on July 1, 20x10 for $25,000 cash. Record the journal entry for the disposal and indicate the debit and credit entry(ies).
On January 1, 2018, Wasson Company purchased a delivery vehicle costing $40,000. The vehicle has an estimated 6-year life and a $4,000 residual value. What is the vehicle's book value as of December 31, 2017, assuming that Wasson uses the straight-line depreciation method?
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