Exercise 10-07 a1-b2

Flint Company purchased a delivery truck for $29,000 on January 1, 2020. The truck has an expected salvage value of $2,740, and is expected to be driven 101,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,600 in 2020 and 13,100 in 2021.

Exercise 10-07 al-b2 Flint Company purchased a delivery truck for $29,000 on January 1, 2020. The truck has an expected salvage value of $2,740, and is expected to be driven 101,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,600 in 2020 and 13,100 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense 0.26 per mile SHOW LIST OF ACCOUNTS LINK TO TEXT Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to o decimal places, e.g. 15%. Round final answers to o decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method $ (2) Units-of-activity method $ $ (3) Declining-balance method $ Assume that Flint uses the straight-line method. Prepare the journal entry to record 2020 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 o for the amounts. Round answers to o decimal places, e.g. 2,125.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Assume that Flint uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet. (Round answers to 0 decimal places, e.g. 2,125.) FLINT COMPANY Partial Balance Sheet