Answered step by step
Verified Expert Solution
Question
1 Approved Answer
#27-28 thank you:) 27. Steven's Co. purchased a delivery vehicle on January 1, 2012 for $46,000. The vehicle has a life of 8 years or
#27-28 thank you:) 27. Steven's Co. purchased a delivery vehicle on January 1, 2012 for $46,000. The vehicle has a life of 8 years or 250,000 miles and an estimated salvage value of $5,000. Calculate the depreciation for 2015 (only) using the (1) straight line method: (2) double declining balance method; and (3) the activity-based method assuming that the vehicle was driven 31,000 miles in 2015 A Straight Line B. Double Declining C. Activity Based 28. A truck that cost $15,000 and had $10,000 of accumulated depreciation was disposed of on January 1, 2016. Make the entries in correct form to record the following a. Assume the truck was discarded as having no value. b. Assume the truck was sold for $1,000 cash c. Assume the truck was sold for $7,500 cash
#27-28 thank you:)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started