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I am confused on how to finish out the rest of this problem!!! On January 3, 2018, Rapid Delivery Service purchased a truck at a

I am confused on how to finish out the rest of this problem!!!image text in transcribedimage text in transcribed

On January 3, 2018, Rapid Delivery Service purchased a truck at a cost of $100,000. Before placing the truck in service, Rapid spent $3,000 painting it, $600 replacing tires, and $10,400 overhauling the engine. The truck should remain in service for five years and have a residual value of $12,000. The truck's annual mileage is expected to be 32,000 miles in each of the first four years and 8,000 miles in the fifth year136,000 miles in total. In deciding which depreciation method to use, Andy Sargeant, 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-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Useful Accumulated Book Depreciable Cost Depreciation Expense Date Cost Life Depreciation Value 1-3-2018 $ 114,000 $ 12-31-2018 $ 102,000 20,400 $ 5 years 5 years 12-31-2019 20,400 20,400 40,800 61,200 114,000 93,600 73,200 52,800 32,400 12-31-2020 5 years 102,000 - 102,000 102,000 - 102,000 = 20,400 12-31-2021 81,600 5 years 5 years 20,400 20,400 12-31-2022 102,000 12,000 Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) Cost Residual value Useful life in units Depreciation per unit ( $ 114,000 $ 12,000 ) 136,000 $ 0.75 Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, $X.XX.) Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, $X.XX.) Units-of-Production Depreciation Schedule Depreciation for the Year Asset Number of Accumulated Book Depreciation Per Unit Depreciation Expense Date Cost Units Depreciation Value 1-3-2018 114,000 12-31-2018 0.75 32,000 = 24,000 12-31-2019 0.75 x 24,000 12-31-2020 0.75 x 24,000 32,000 32,000 32,000 = 8,000 = 12-31-2021 0.75 x 24,000 12-31-2022 0.75 x 6,000

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