Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with 2025 for units of production and double declining method!! On January 1, 2021, the Excel Delivery Company purchased a delivery van

I need help with 2025 for units of production and double declining method!!

On January 1, 2021, the Excel Delivery Company purchased a delivery van for $48,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 175,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods.

2. Double-declining balance. (Round your answers to the nearest whole dollar amount.)

Year Depreciation
2021 $19,200selected answer correct
2022 11,520selected answer correct
2023 6,912selected answer correct
2024 4,147selected answer correct
2025 2,488selected answer incorrect
Total $44,267

3. Units of production using miles driven as a measure of output, and the following actual mileage: (Do not round intermediate calculations.)

Year Miles Depreciation
2021 37,000 $9,514selected answer correct
2022 39,000 10,029selected answer correct
2023 30,000 7,714selected answer correct
2024 35,000 9,000selected answer correct
2025 36,000 9,257selected answer incorrect
Total $45,514

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economic Influences On The Development Of Accounting In Firms

Authors: George J. Staubus

1st Edition

0367721325, 9780367721329

More Books

Students also viewed these Accounting questions

Question

How do you talk about your complaining customers?

Answered: 1 week ago