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View Policies Current Attempt in Progress Pharoah Company purchased a delivery truck for $49,000 on January 1, 2022. The truck has an expected salvage value of $13,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,300 in 2022 and 13,200 in 2023. (a1) Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)

View Policies Current Attempt in Progress Pharoah Company purchased a delivery truck for $49,000 on January 1, 2022. The truck has an expected salvage value of $13,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,300 in 2022 and 13,200 in 2023. (a1) Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)

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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View Policies Current Attempt in Progress Pharoah Company purchased a delivery truck for $49,000 on January 1, 2022. The truck has an expected salvage value of $13,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,300 in 2022 and 13,200 in 2023. (a1) Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Assume that Pharoah uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (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 Assistance Used
Transcribed Image Text:View Policies Current Attempt in Progress Pharoah Company purchased a delivery truck for $49,000 on January 1, 2022. The truck has an expected salvage value of $13,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,300 in 2022 and 13,200 in 2023. (a1) Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Assume that Pharoah uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (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 Assistance Used
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