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help me! Accounting On Jaruary 1, 2018, Nimble Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Nimble
help me! Accounting
On Jaruary 1, 2018, Nimble Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Nimble spent $3,000 painting it, $1,700 replachg tres, and $4,300 orethading the engine. The truck should remein in service for five years and have a residual value of $9,000. The truck's annual mileage is expected to be 21,000 mises in each of the finst four year and 16.008 mies in the filth year 100,000 mies in total. In deciding which depreciation method to use, Harvey Wamer, the general manager, toquests a deprociation schedule for each of the aepreciation methods (straight-line, units-of-production, and double-declining-balance). Reat the cequirements. Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreclation, and asset book valun Begin by preparing a depreciation schedule using the stright line method. 2016. Nimble Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in senice, Nimble ape engine. The truck should remain in service for five years and have a residual value of $9,000. The truck's annual mi es in the fitth year 100,000 miles in total. In deciding which depreciation method to use, Harvey Warner, the general ehods (straight-line, units-of-production, and double-declining-balance). Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Nimble prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Nimble uses the truck. Identify the depreciation method that meets the company's objectives Step by Step Solution
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