Southern Pizza bought a used Ford delivery van on January 2, 2021, for $23,000. The van was expected to remain in service for four years (102.000 miles). At the end of its useful ife, Souther management estimated that the van's residual value would be $2,600. The van traveled 40,000 miles the first year, 33,000 miles the second year. 18,000 miles the third year, and 11,000 miles in the fourth year Read the requirements Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods Prepare a schedule of depreciation expense per year for the van under the straight-line method. (Complete all input fields Enter a 0 for any zaro balances) Straight-Line Year 2021 2022 2023 2024 Total

Southern Pizza bought a used Ford delivery van on January 2, 2021, for $23,000. The van was expected to remain in service for four years (102.000 miles). At the end of its useful ife, Souther management estimated that the van's residual value would be $2,600. The van traveled 40,000 miles the first year, 33,000 miles the second year. 18,000 miles the third year, and 11,000 miles in the fourth year Read the requirements Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods Prepare a schedule of depreciation expense per year for the van under the straight-line method. (Complete all input fields Enter a 0 for any zaro balances) Straight-Line Year 2021 2022 2023 2024 Total

Name: Southern Pizza bought a used Ford delivery van on January 2, 2021, fo
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Description: Southern Pizza bought a used Ford delivery van on January 2, 2021, for $23,000. The van was expected to remain in service for four years (102.000 miles). At the end of its useful life, Southernmanagement estimated that the van's residual value would

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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Mobley purchased a used van for use in its business on January 1, 2020. It paid $18,000 for the van. Mobley expects the van to have a useful life of four years, with an estimated residual value of $1,500. Mobley expects to drive the van 21,000 miles during 2020, 22,000 miles during 2021, 25,000 miles in 2022, and 97,000 miles in 2023, for total expected miles of 165,000. Read the requirements (Complete all input fields. Enter a 0 for any zero values.) Year Start 2020 2021 2022 2023 Straight-line method Annual Depreciation Accumulated Expense Depreciation Book Value
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