Picture 1 is all the information, picture 2 is questions need to be answered. Basin's depreciation policies include (1) using straight-line depreciation, (2) recording deprecisb Double-decliningC. Units-of-production. Assume annual190,000.a.tions related to its delivery truck:Year 1Jan.a salvage value of $2,300.Feb. 20 Installed a new set of side-view mirrors at a cost of $68 cash.9 Paid $285 for an engine tune-up, wheel balancing, and a periodic chassis lubrication2 Paid a $250 repair bill for the uninsured portion of damages to the truck caused byJuneAug.Basin's own driver.Dec. 31 Recorded depreciation on the truck for the year.Year 21 Installed a set of parts bins in the truck at a cost of $800 cash. This expenditure wasnot expected to increase the salvage value of the truck.MayDec. 31 Recorded depreciation on the truck for the year.Year 3Dec. 31 Recorded depreciation on the truck for theyear.tion to the nearest whole month, and (3) expensing all truck expenditures of $75 or les.REQUIREDBased on these transactions: Calculate the depreciation expense for each of the three years.b. Calculate the book value of the delivery truck at the end of year 3.a.

Straight line depreciation is computed by subtracting the salvage value from the total cost and then…

P8-4A. Accounting för tions related to its delivery truck: 5 Purchased for $14,300 cash a new truck with an estimated useful life of four years and Year 1 Jan. Feb. 20 Installed a new set of side-view mirrors at a cost of $68 cash. June Aug. 2 Paid a $250 repair bill for the uninsured portion of damages to the truck caused by a salvage value of $2,300. 9 Paid $285 for an engine tune-up, wheel balancing, and a periodic chassis lubrication Basin's own driver. Dec. 31 Recorded depreciation on the truck for the year. Year 2 1 Installed a set of parts bins in the truck at a cost of $800 cash. This expenditure was not expected to increase the salvage value of the truck. May Dec. 31 Recorded depreciation on the truck for the year. Year 3 Dec. 31 Recorded depreciation on the truck for the Basin's depreciation policies include (1) using straight-line depreciation, (2) recording depreci tion to the nearest whole month, and (3) expensing all truck expenditures of $75 of les. year. REQUIRED Raca

P8-4A. Accounting för tions related to its delivery truck: 5 Purchased for $14,300 cash a new truck with an estimated useful life of four years and Year 1 Jan. Feb. 20 Installed a new set of side-view mirrors at a cost of $68 cash. June Aug. 2 Paid a $250 repair bill for the uninsured portion of damages to the truck caused by a salvage value of $2,300. 9 Paid $285 for an engine tune-up, wheel balancing, and a periodic chassis lubrication Basin's own driver. Dec. 31 Recorded depreciation on the truck for the year. Year 2 1 Installed a set of parts bins in the truck at a cost of $800 cash. This expenditure was not expected to increase the salvage value of the truck. May Dec. 31 Recorded depreciation on the truck for the year. Year 3 Dec. 31 Recorded depreciation on the truck for the Basin's depreciation policies include (1) using straight-line depreciation, (2) recording depreci tion to the nearest whole month, and (3) expensing all truck expenditures of $75 of les. year. REQUIRED Raca

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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