Sunland Company purchased a delivery truck for $44,000 on July 1, 2025. The truck has an expected salvage value of $6,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2025 and 12,000 in 2026. Sunland uses the straight-line method of depreciation. (a) Your answer is correct. Compute depreciation expense for 2025 and 2026. Depreciation Expense 2025 2375 2026 4750

Sunland Company purchased a delivery truck for $44,000 on July 1, 2025. The truck has an expected salvage value of $6,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2025 and 12,000 in 2026. Sunland uses the straight-line method of depreciation. (a) Your answer is correct. Compute depreciation expense for 2025 and 2026. Depreciation Expense 2025 2375 2026 4750

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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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Sunland Company purchased a delivery truck for $44,000 on July 1, 2025. The truck has an expected salvage value of $6,000, and is
expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2025 and 12,000 in
2026. Sunland uses the straight-line method of depreciation.
(a)
Your answer is correct.
Compute depreciation expense for 2025 and 2026.
Depreciation Expense $
2025
2375
2026
4750

(b)
Prepare the journal entry to record 2025 depreciation. (List debit entry before credit entry. Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
Account Titles and Explanation
Debit
Credit

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