Depreciation Methods

Xing, Inc., purchases a delivery truck on January 1 for $25,000. The truck has an estimated useful life of five years and an estimated salvage value of $2,500.

Required:

For botht he straigh-line and double-declinging-balance methods of depreciation, prepare a schedule of depreciation expense, accumulated depreciation, and net book value over the life of the asset.

YEAR	CALCULATION		DEPRECIATION EXPENSE			ACCUMULATED EXPENSE / $0			NET BOOK VALUE ($25,000)
2014
2015
2016
2017
2018