! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $35,700. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 109,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. Note: Round your answers to the nearest whole dollar amount. Year 2024 2025 2026 2027 2028 Total Answer is not complete. Depreciation $ S 13,080 X 13,080

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gadubhai 

Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, the Excel Delivery Company purchased a delivery van for $35,700. At the end of its five-year service
life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van
109,000 miles.
Required:
Calculate annual depreciation for the five-year life of the van using each of the following methods.
2. Double-declining balance.
Note: Round your answers to the nearest whole dollar amount.
Year
2024
2025
2026
2027
2028
Total
Answer is not complete.
Depreciation
13,080
$
$
13,080
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $35,700. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 109,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. Note: Round your answers to the nearest whole dollar amount. Year 2024 2025 2026 2027 2028 Total Answer is not complete. Depreciation 13,080 $ $ 13,080
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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