Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ayayal Company purchased a delivery truck for $33,000 on January 1, 2020. The truck has an expected salvage value of $2,200, and is expected to

image text in transcribed
image text in transcribed
image text in transcribed
Ayayal Company purchased a delivery truck for $33,000 on January 1, 2020. The truck has an expected salvage value of $2,200, and is expected to be driven 110,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,700 in 2020 and 10,600 in 2021 (21) Your answer has been saved. See score details after the due date. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, es. 0.50) Depreciation expense $ 28 per mile Attempts: 1 of 1 used Compute depreciation expense for 2020 and 2021 using (1) the straight-line method. (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, eg. 0.50 and depreciation rate to O decimal places, eg. 15%. Round final answers to decimal places, es. 2.125.) Depreciation Expense 2020 2021 Straight-line method $ (2) $ $ Units-of-activity method (3) $ $ Declining-balance method Attempts: 0 of 1 used Submit Answer Save for Later (61) Assume that Ayayai uses the straight-line method. Prepare the journal entry to record 2020 depreciation (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 2,125) Account Titles and Explanation Debit Credit Save for Later Attempts:0 of 1 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative international accounting

Authors: Christopher nobes, Robert parker

9th Edition

273703579, 978-0273703570

More Books

Students also viewed these Accounting questions

Question

7-20. How is the audience likely to respond to this message?

Answered: 1 week ago