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Patterson Company provided the following information on January 1, 2020- Vehicle cost Useful life in years Useful life in miles Residual value 5,000,000 100,000 1,000,000 Actual miles driven 2020 2021 2022 30,000 20,000 15,000 1 What is the depreciation for 2022 using the SYD method? a. 1,000,000 b. 1,333,000 800,000 d. C. 600,000

Patterson Company provided the following information on January 1, 2020- Vehicle cost Useful life in years Useful life in miles Residual value 5,000,000 100,000 1,000,000 Actual miles driven 2020 2021 2022 30,000 20,000 15,000 1 What is the depreciation for 2022 using the SYD method? a. 1,000,000 b. 1,333,000 800,000 d. C. 600,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Patterson Company provided the following information on January 1, 2020: Vehicle cost Useful life in years Useful life in miles Residual value 5,000,000 100,000 1,000,000 Actual miles driven 2020 2021 30,000 20,000 15,000 1 What is the depreciation for 2022 using the SYD 2022 method? 1,000,000 b. 1,333,000 800,000 d. 8. C. 600,000 2 What is the accumulated depreciation on December 31, 2021 using the double declining balance method? a. 1,200,000 b. 1,600,000 c. 2,560,000 d. 3,200,000 3. What is the accumulated depreciation on December 31, 2022 using the miles driven? a. 2,000,000 b. 2,600,000 800,000 d. C. 600,000
Transcribed Image Text:Patterson Company provided the following information on January 1, 2020: Vehicle cost Useful life in years Useful life in miles Residual value 5,000,000 100,000 1,000,000 Actual miles driven 2020 2021 30,000 20,000 15,000 1 What is the depreciation for 2022 using the SYD 2022 method? 1,000,000 b. 1,333,000 800,000 d. 8. C. 600,000 2 What is the accumulated depreciation on December 31, 2021 using the double declining balance method? a. 1,200,000 b. 1,600,000 c. 2,560,000 d. 3,200,000 3. What is the accumulated depreciation on December 31, 2022 using the miles driven? a. 2,000,000 b. 2,600,000 800,000 d. C. 600,000
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