Speedy Delivery Company purchases a delivery van for $31,200. Speedy estimates that at the end of its four-year service life, the van will be worth $5,600. During the four-year period, the company expects to drive the van 128,000 miles. Actual miles driven each year were 35,000 miles in year 1 and 39,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Year 1 2 2. Double-declining-balance. Year 1 2 3. Activity-based. Year 1 2 Annual Depreciation Annual Depreciation Annual Depreciation

Speedy Delivery Company purchases a delivery van for $31,200. Speedy estimates that at the end of its four-year service life, the van will be worth $5,600. During the four-year period, the company expects to drive the van 128,000 miles. Actual miles driven each year were 35,000 miles in year 1 and 39,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Year 1 2 2. Double-declining-balance. Year 1 2 3. Activity-based. Year 1 2 Annual Depreciation Annual Depreciation Annual Depreciation

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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