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Calculate the book value on December 31, Year 3, balance sheet. Calculate the Retained Earnings on the December 31, Year 4, balance sheet. Three different
Calculate the book value on December 31, Year 3, balance sheet.
Three different companies each purchased trucks on Januaty 1, Year 1, for $68,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $6,000. All three trucks were diven 65,000 miles in Year 1, 40,000 miles in Year 2 38,000 mites in Year 3, and 60,000 miles in Year 4 . Each of the three companies eamed $57,000 of casti revenue during each of the fout years. Company A uses straight-Iine depreciation, company B uses double-declining-balance depreciation, and company C uses. units-of-production depreciation Calculate the Retained Earnings on the December 31, Year 4, balance sheet.
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