Company PP purchases a vehicle for $60,000 on January 1, 2020. The vehicle has an estimated useful
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Company PP purchases a vehicle for $60,000 on January 1, 2020. The vehicle has an estimated useful life of 5 years and a residual value of $5,000. The company uses the units-of-production method of depreciation and estimates that the vehicle will be driven 100,000 miles. During 2020, the vehicle is driven 20,000 miles.
Prepare the journal entry to record depreciation expense for the year 2020.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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