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Grafton Company purchased a new car for use in its business on January 1, 2020. It paid $29,000 for the car. Grafton expects the
Grafton Company purchased a new car for use in its business on January 1, 2020. It paid $29,000 for the car. Grafton expects the car to have a useful life of four years with an estimated residual value of zero. Grafton expects to drive the car 40,000 miles during 2020, 75,000 miles during 2021, 90,000 miles in 2022, and 85,000 miles in 2023, for total expected miles of 290,000. Read the requirements. (Complete all input fields. Enter a 0 for any zero values.) Requirements Using the units-of-production method of depreciation (with miles as the production unit), calculate the following amounts for the car for each of the four years of its expected life (do not round here; use three decimal places for the depreciation cost per mile) a. Depreciation expense b. Accumulated depreciation balance c. Book value X = Units-of-production method Annual Depreciation Accumulated Year Expense Depreciation Book Value Start 2020 2021 K Grafton Company purchased a new car for use in its business on January 1, 2020. It paid $29,000 for the Year Expense Depreciation Book Value Start 2020 2021 2022 2023
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