Homework: Problem 9-31A Score: 0 of 1 pt 1 of 1 (0 complete HW Score: 0%, 0 of 1 pt P9-31A (similar to) Question Help! * On January 1, 2018, Trusty Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Trusty spent $2,200 painting it, $500 replacing tires, and $11,800 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileae is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year-105,000 miles in total. In deciding which depreciation method to use Harvey Waner, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-ine method. Straight-Line Depreciation Schedule Asset Depreciable Cost Depreciation for the Year Useful Life Depreciation AccumulatedBook Expense Depreciation Value Date 1.1.2018 Cost Choose from any list or enter any number in the input fields and then click Check Answer 2 parts remaining Clear All Check Answer i Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Trusty 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 Trusty uses the truck. Identify the depreciation method that meets the company's objectives. Print Done Homework: Problem 9-31A Score: 0 of 1 pt P9-31A (similar to) 1of 1 (O complete) On January 1, 2018, Trusty Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Tru replacing tires, and $11,800 overhauling the engine. The truck should remain in service for five years and have a residual va is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year- 105,000 miles in total. In de Harvey Warner, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, and double-declining-balance) Read the requirements Asset Depreciable Cost Useful Depreciation Accumulated Book Date Cost Life Expense Depreciation Value 1-1-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Choose from any list or enter any number in the input fields and then click Check Answer parts
