Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,000. 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 100,000 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 Depreciation $ $ 13,200 7,920 4,752 2,851 1,711 30,434
Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,000. 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 100,000 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 Depreciation $ $ 13,200 7,920 4,752 2,851 1,711 30,434
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jay
![Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,000. 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
100,000 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
Depreciation
$
$
13,200
7,920
4,752
2,851
1,711
30,434](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba348549-4ddd-43e5-b040-1d70bf3d4414%2F56bb0460-6920-4d73-864d-c6ca312113c2%2F99wsy8e_processed.jpeg&w=3840&q=75)
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 $33,000. 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
100,000 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
Depreciation
$
$
13,200
7,920
4,752
2,851
1,711
30,434
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