Question
Hi, I need help with this question: Three different companies each purchased trucks on January 1, 2018, for $82,000. Each truck was expected to last
Hi, I need help with this question:
Three different companies each purchased trucks on January 1, 2018, for $82,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $6,000. All three trucks were driven 79,000 miles in 2018, 56,000 miles in 2019, 51,000 miles in 2020, and 71,000 miles in 2021. Each of the three companies earned $71,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.
Calculate the retained earnings on the December 31, 2021, balance sheet?
Retained earnings | |
company A | |
company B | |
company C |
Please, help!!
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