1) Equipment acquired at a cost of $67,000 has an estimatedresidual valueof $4,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31.

If necessary, round your answers to the nearest cent.

a.Determine the depreciation for the current fiscal year and for the following fiscal year by thestraight-line method.

Depreciation

Year 1 $______

Year 2$______

b.Determine the depreciation for the current fiscal year and the following fiscal year by thedouble-declining-balance method.

Depreciation

Year 1 $______

Year 2$______

2)

I need help with truck 3 credit to accumulated depreciation.

Prior to adjustment at the end of the year, the balance in Trucks is $407,900 and the balance in Accumulated Depreciation-Trucks is $123,480. Details of the subsidiary ledger are as follows: Accumulated Miles Estimated Estimated Depreciation Operated Truck Residual Useful at Beginning During No. Cost Value Life of Year Year $78,500 $11,775 210,000 miles 31,500 miles N 110,900 13,308 240,000 $22,180 24,000 3 96,000 13,440 218,000 $76,800 21,800 A 122,500 14,700 360,000 $24,500 43,200 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Credit to Rate per Mile Miles Accumulated Truck No. (in cents) Operated Depreciation 0.32 31,500 $ 10,080 N 0.41 24,000 9,840 3 0.38 21,800 2,524 X 4 0.30 43,200 $ 12,960 Total $