1) XYZ company purchases equipment for $40,000 on 1/1/20. It has a salvage value of 5,000 and a useful life of 7 years. What is the accumulated depreciation balance to be posted on the balance sheet at 12/31/2023 if the XYZ uses the straight-line method of depreciation?

2) Coleman Lighting Company purchased a service vehicle for $65,000 at the beginning of the year 2015. It has a salvage value of $10,000 and a useful life of 8 years. The company decides to use the units of production method to depreciate the vehicle annually. The useful life of the vehicle in miles is 176,000. At the end of the year 2015, the vehicles mileage was reported as 22,500 miles. What is the depreciation expense that will be recorded at the year end?

3) Fireside BBQ Buddies purchased a new commercial refrigerator for $90,000. Fireside BBQ estimates the refrigerator has a useful life of 8 years and residual value is $40,000. If fireside uses the Double Declining Balance method to depreciate the refrigerator, create the first 5 years of a depreciation schedule that shows the depreciation expense per year and the net book value per year. (like the schedules we made in class)

4) A flower shop purchases a new delivery van for $65,000. It has a useful life, in miles, of 160,000 and a salvage value of $5,000. The mileage for the first 4 years of operation were recorded as follows: Y1 32,600 Y2 35,900 Y3 36,500 Y4 36,900 What is the accumulated depreciation at the end of year 4? Round to the nearest dollar if needed.