! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $52,000. At the end of its five-year servic life, it is estimated that the van will be worth $1,000. During the five-year period, the company expects to drive the van 135,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line 2. Double-declining balance. Note: Round your answers to the nearest whole dollar amount. Year 2024 2025 2026 2027 2028 Total Depreciation Year 2024 2025 $ per year 0 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Miles Depreciation 27,000 29,000

! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $52,000. At the end of its five-year servic life, it is estimated that the van will be worth $1,000. During the five-year period, the company expects to drive the van 135,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line 2. Double-declining balance. Note: Round your answers to the nearest whole dollar amount. Year 2024 2025 2026 2027 2028 Total Depreciation Year 2024 2025 $ per year 0 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Miles Depreciation 27,000 29,000

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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10.
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