Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help please. Bridgeport Company purchased a delivery truck for $28,000 on Jonuary 1, 2022. The truck has an expected salvage value of $2.700.
I need help please.
Bridgeport Company purchased a delivery truck for $28,000 on Jonuary 1, 2022. The truck has an expected salvage value of $2.700. and is expected to be driven 110,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,600 in 2022 . The and 12,900 in 2023 . (a1) Calculate depreciation expense per mile under units-of-activity method. (Round anwer to 2 decimol ploces e. 0.50 ) Depreciation experse permile Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method, (Round depreclation cost per unit to 2 decimal places, eg. 0.50 and depreciation rate to 0 decimal ploces, eg, 15%. Round final answers to 0 decimal ploces, es. 2,125.) Assume that Bridgeport uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Assume that Bridgeport uses the straight-line method. Show how the truck would be reported in the December 31,2022 , balance sheet Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started