Tannenbaur Corporation purchased a truck on March 25, 2023 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles and five years. It was driven 18,000 miles in 2023 and 32,000 miles in 2024. Tarnenbaum uses the units of activity method to calculate depreciation. Compute depreciation expense for 2023 and 2024.

Tannenbaur Corporation purchased a truck on March 25, 2023 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles and five years. It was driven 18,000 miles in 2023 and 32,000 miles in 2024. Tarnenbaum uses the units of activity method to calculate depreciation. Compute depreciation expense for 2023 and 2024.

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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