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Book Show Me How Depreciation by units of activity method Instructions Chart of Accounts First Question Journal instructions Prior to adjustment at the end of the year, the balance in Trucks is $305,554 and the balance in Accumulated Depreciation --Trucks is $100,220 Details of the subsidiary ledger are as follows Accumulated Depreciation at Beginning of Year Truck No. Cost 582971 59,412 1 Estimated Residual Value Useful Life $14 850 252,300 miles 6 150 295,900 miles 13.900 201,600 miles 22830 236 500 miles Miles Operated During Year 20 200 miles 32.900 miles 2 $13,950 61,060 3 7.700 miles 70483 86 685 25,210 22.100 miles A Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the mies operated during the current year B. Journalize the entry on Dec 31 to record depreciation for the year Refer to the Chart of Accounts for exact wording of account files Instruction Chart of Accounts First Question Journal Instructions First Question Shaded cells have feedback A Determine the depreciation rates per mile and the amount to be credited to the accumulated deprecation section of each of the subachary accounts for the miles operated during the current year Truck No Rate per Mile Miles Operated Credit to Accumulated Depreciation 1 $0 27 20. 200 55.454 2 018 32.900 5,922 3 031 7.700 2387 X 4 027 22 100 5967 Total $19,730 X Instructions Chart of Accounts First Question Journal Shaded cells have feedba Instructions First Question Journal How does roding work? Shaded cells have feedback Curre MGC1 ye JOURNAL Score: 16/25 ACCOUNTING EQUATION DERIT POST. REK CREDIT ASSETS LIABUTIES DATE EQUITY DESCRIPTION Adjusting Entries Dec 31 Depreciation Expense Trucks Accumulated Depreciation Trucks Points 3275 Feedback 779 Depreciation by Three Methods: Partial Years Perdue Company purchased equipment on April 1 for $44,550The equipment was expected to have a useful life of three years, or 4,320 operating hours, and a residual value of $1,350. The equipment was used for 800 hours during Year 1, 1,500 hours in Year 2, 1.300 hours in Year 3, and 720 hours in Year Required: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2 Year 3, and Year 4, by (a) the strnichetine method, (b) units-of-cutput method, and (c) the double decening balance method Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollor . Straight line method Amount Year Year 1 14,400 X Year 2 14,400 Year 3 14,100 Year 4 OX b. Units of output method Year Amount Year 1 18,440V Year 15,000 Year) 13,000 Yen 7,200 7 Year 2 15,000 Year 3 13,000 Year 4 7,200 c. Double-declining-balance method Year Amount Year 1 29,700 X Year 2 14,850 Year 3 4,950 Year 4 1,950 X Feedback Check My Work Asset cost minus residual value equals depreciable cost. Sum the yearly depreciation to determine total depreciation Annual units-of-output depreciation allocates the cost of the asset equally over the units produced (hours). The double-declining rate is two times the straight-line rate. Book value is the asset cost minus accumulated depreciation Compare the total depreciation for all methods over the time period. Recall that straight-line depreciation allocates the depreciable cost of of use, while double declining method is an accelerated method. Learning Objective 2