Question
Consider the purchase of a new farm truck (automobile). The specific information is: Total Purchase cost = $150,000.00 Purchase date = Jan 1, 2020 Useful
- Consider the purchase of a new farm truck (automobile). The specific information is:
Total Purchase cost = $150,000.00 Purchase date = Jan 1, 2020
Useful life = 6 years Salvage value = $50,000.00
Note: each highlighted box is worth 1 point
Complete each depreciation table.
ECONOMIC DEPRECIATION:
- Fill in the table using the straight-line depreciation method for economic depreciation. (5 points)
|
Year | Remaining value at beginning of year |
Depreciation | Remaining value at end of year |
| 2020 |
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| 2021 |
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| 2022 |
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| 2023 |
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| 2024 |
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| 2025 |
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Accounting The Ultimate Guide To Accounting For Beginners
Authors: Greg Shields
1st Edition
1546332820, 978-1546332824
