32 80 points Required information [The following information applies to the questions displayed below.] On January 1, Year 1, a company purchased a delivery vehicle for $52,000. At the end of its five-year service life, it is estimated that the vehicle will be worth $1,000. During the five-year period, the company expects to drive the vehicle 135,000 miles. Required: Calculate annual depreciation for the five-year life of the vehicle using each of the following methods. 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. 33 IGF Foods Company is a large, primarily domestic, consumer foods company involved in the manufacture, distribution, and sale of a variety of food products. Industry averages are derived from Troy's The Almanac of Business and Industrial Financial Ratios. 70 Following are the 2024 and 2023 comparative balance sheets for IGF. (The financial data we use are from actual financial statements points of a well-known corporation, but the company name used is fictitious, and the numbers and dates have been modified slightly.) R o2 IGF FOODS COMPANY Comparative Balance Sheets Years Ended December 31, 2024 and 2023 ($ in millions) 2024 2023 Assets ;I Current assets: eBook Cash $ 48 $ 142 Accounts receivable 347 320 Marketable securities 358 - Inventories 914 874 Prepaid expenses 212 154 Total current assets $1,879 $ 1,49 Property, plant, and equipment (net) 2,592 2,291 Intangibles (net) 800 843 Other assets 74 60 Total assets $ 5,345 $ 4,684 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 254 $ 276 Accrued liabilities 493 496 Notes payable 518 115 Current portion of long-term debt 208 54 Total current liabilities $ 1,473 $ 941 Long-term debt 534 728 Deferred income taxes 407 344 Total liabilities $ 2,414 $ 2,013 Shareholders' equity: Common stock 180 180 Additional paid-in capital 21 63 Retained earnings 2,730 2,428 Total shareholders' equity $2,931 $ 2,671 Total liabilities and shareholders' equity $5,345 4 4,684 Liquidity refers to a company's cash position and overall ability to obtain cash in the normal course of business. A company is said to be liquid if it has sufficient cash or is capable of converting its other assets to cash in a relatively short period of time so that currently maturing debts can be paid. Required: 1. Calculate the current ratio for IGF for 2024. The average ratio for the stocks listed on the New York Stock Exchange in a comparable time period was 1.5. 2. Calculate IGF's acid-test or quick ratio for 2024. The ratio for the stocks listed on the New York Stock Exchange in a comparable time period was 0.80. Complete this question by entering your answers in the tabs below. Calculate the current ratio for IGF for 2024. The average ratio for the stocks listed on the New York Stock Exchange in a comparable time period was 1.5. Note: Round your answer to 2 decimal places. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate IGF's acid-test or quick ratio for 2024. The ratio for the stocks listed on the New York Stock Exchange in a comparable time period was 0.80. Note: Round your answer to 2 decimal places