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Current Attempt in Progress Crane Company purchased a delivery truck for $32,000 on July 1, 2022. The truck has an expected salvage value of $6,000,
Current Attempt in Progress Crane Company purchased a delivery truck for $32,000 on July 1, 2022. The truck has an expected salvage value of $6,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Crane uses the straight-line method of depreciation. Your answer is correct. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method $ 1625 3250 e Textbook and Media List of Accounts Attempts: 1 of 10 used Prepare the journal entry to record 2022 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. On March 1, 2022, Carla Vista Co. acquired real estate, on which it planned to construct a small office building, by paying $84,500 in cash. An old warehouse on the property was demolished at a cost of $9,100; the salvaged materials were sold for $1,880. Additional expenditures before construction began included $1,380 attorney's fee for work concerning the land purchase, $4,950 real estate broker's fee, $8,880 architect's fee, and $14,900 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land $ 106930 e Textbook and Media
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