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DEPRECIATION METHODS AND GAIN/LOSS ON SALE Joel Harvey Florists acquired a truck on January 1, 2007. The company paid 511,000 for the fruck, SSOO
DEPRECIATION METHODS AND GAIN/LOSS ON SALE Joel Harvey Florists acquired a truck on January 1, 2007. The company paid 511,000 for the fruck, SSOO for destination charges, and S2S0 to paint the company name on the side of the tuck The company's accounting manager estimates the fruck to have a five-year useful life and a residual value of Sl,7S0_ The tuck is expected to be driven 100,000 miles in five years. It is actually driven 15,000 miles in 2007, 25,000 miles in 2008, 30,000 miles in 2009, 25,000 miles in 2010, and 5,000 miles in 2011.
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