Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

b. Sum-of-the-years'-digits method 41,218 X 2019 2020 $ 34,372 X c. Double-declining-balance method 2019 $ 36,000 X 2020 $ 28,800 X d. Activity method

image text in transcribedimage text in transcribed

b. Sum-of-the-years'-digits method 41,218 X 2019 2020 $ 34,372 X c. Double-declining-balance method 2019 $ 36,000 X 2020 $ 28,800 X d. Activity method 2019 $ 43,080 X 2020 A 39,720 X Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 186 X 326 X b. Sum-of-the-years'-digits method 2019 $ 3,782 X 2020 $ 6,846 X c. Double-declining-balance method 2019 $ 9,000 X 2020 $ 7,200 X d. Activity method 2019 $ 2,000 X 2020 $ 3,500 X 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 $ 44,814 X 44,488 X b. Sum-of-the-years'-digits method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

9781285586618

Students also viewed these Accounting questions

Question

Become familiar with several object-persistence formats.

Answered: 1 week ago

Question

Solve xy' - 2y = x.

Answered: 1 week ago