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Suppose that Sunland purchased a truck for $77,880. The company expected the truck to last four years or 118,000 miles, with an estimated residual value of $9,440 at the end of that time. During the second year, the truck was driven 31,900 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. (Round depreciation rate per unit to 3 decimal places, e.g. 15.253 and final answers to O decimal places, e.g. 5,125.) Units-of-activity $ Double-declining-balance $

Suppose that Sunland purchased a truck for $77,880. The company expected the truck to last four years or 118,000 miles, with an estimated residual value of $9,440 at the end of that time. During the second year, the truck was driven 31,900 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. (Round depreciation rate per unit to 3 decimal places, e.g. 15.253 and final answers to O decimal places, e.g. 5,125.) Units-of-activity $ Double-declining-balance $

FINANCIAL ACCOUNTING
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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Suppose that Sunland purchased a truck for $77,880. The company expected the truck to last four years or 118,000 miles, with an estimated residual value of $9,440 at the end of that time. During the second year, the truck was driven 31,900 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. (Round depreciation rate per unit to 3 decimal places, e.g. 15.253 and final answers to O decimal places, e.g. 5,125.) Units-of-activity $ Double-declining-balance $
Transcribed Image Text:Suppose that Sunland purchased a truck for $77,880. The company expected the truck to last four years or 118,000 miles, with an estimated residual value of $9,440 at the end of that time. During the second year, the truck was driven 31,900 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. (Round depreciation rate per unit to 3 decimal places, e.g. 15.253 and final answers to O decimal places, e.g. 5,125.) Units-of-activity $ Double-declining-balance $
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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