Bridgeport Company purchased a delivery truck for 27,000 on January 1, 2020. The truck has an expected salvage value of 1,500, and is expected to be driven 102,000 miles over estimated useful life of 10 years. Actual miles driven were 12,800 in 2020 and 14,300 in 2021.

Assume that Bridgeport uses the straight-line method. prepare the journal entry to record 2020 depreciation

Assume that Bridgeport uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet.