Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with 2025 on both problems please Required information [The following information applies to the questions displayed below.] On January 1, 2021, the

i need help with 2025 on both problems please image text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $44,000. At the end of its five-year service life, it is estimated that the van will be worth $2,000. During the five-year period, the company expects to drive the van 155,000 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 2021 2022 2023 2024 Depreciation $ 17,600 10,560 6,336 3,802 2025 Total $ 38,298 ! Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $44,000. At the end of its five-year service life, it is estimated that the van will be worth $2,000. During the five-year period, the company expects to drive the van 155,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 3. Units of production using miles driven as a measure of output, and the following actual mileage: (Do not round intermediate calculations.) Year 2021 2022 2023 2024 2025 Total Miles Depreciation 33,000 $ 8,910 35,000 9,450 26,000 7,020 31,000 8,370 32,000 $ 33,750

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions