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Joe Heffernan decided to start a snow removal business in his neighbourhood, which he called Snow Care. He invested his used truck into the business on November 1, 2020. Joe had purchased the truck on November 1, 2017, for $17,600. He looked up the fair market value of his truck on a popular web site and arrived at a value for his truck of $7,600 as of November 1, 2020. At that time, he used $3,000 from his savings account to pay for the overhaul needed in order to prepare the truck for pushing a heavy plow. Then, after investing additional cash into the business, Snow Care was able to purchase, on November 5, a brand new snow plow to be attached to the truck, at a cost of $5,280. The apparatus to attach and operate the plow cost $1,200. In order to operate the truck on the streets, Joe was required to upgrade his driver's licence at a cost of $960 per year ($80 per month), add commercial use to his truck insurance at $2,500 per month, and purchase a $480 business licence that was valid for one year. Based on its seasonal operations, Joe determined that his business should depreciate the truck and plow using the units-of-production method. When making this decision, Joe also considered the estimate of the residual values of these two assets. He believes that the truck will last another four years and be driven a total of 66,000 kilometres, at which time could be sold for $700. In the case of the plow, estimated units of production will also be 66,000 kilometres and the residual value expected to be $1,200, after four years of use. Snow Care used the truck for 2,800 kilometres in the fiscal year ended December 31, 2020 and 14,800 kilometres during the fiscal year ended December 31, 2021. Prepare a schedule for the calculation of the depreciation expense, the accumulated depreciation, and the carrying amount of Snow Care's assets for two fiscal years. (Round per kilometre cost to 2 decimal places, e.g. 52.75.) Depreciation Schedule: Units-of-Production method Year End Calculation Depreciation amount Year Number of Units Depreciation Expense per unit Accumulated Depreciation Carrying Amount X Vehicles 2020 $ $ 2021 Equipment 2020 2021 Prepare the adjusting journal entries for depreciation of the assets for the fiscal years ended December 31, 2020 and 2021. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record depreciation expense for truck) (To record depreciation expense for equipment) (To record depreciation expense for truck) (To record depreciation expense for equipment) Provide the balance sheet disclosure of Snow Care's long-lived assets at December 31, 2021. (List Property, plant and equipment in order of vehicles and equipment.) SNOW CARE Balance Sheet (Partial) $ Snow Care is considering using the double diminishing balance method instead of the units of production method. Prepare a depreciation schedule using double diminishing balance to show depreciation expense, accumulated depreciation, and carrying amount for the truck each year until it is fully depreciated. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation Schedule: diminishing balance method Calculation Year End Depreciable amount Depreciation Expense Depreciation Rate Accumulated Depreciation Carrying Amount Year Vehicles $ 2020 % $ 2021 % 2022 % 2019 % 2020 % On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $96,000. She paid a $20,000 cash and signed a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or 225,000 kilometres and a residual value of $6,000. Molly's Greenhouse has a December 31 year end. Molly drove the truck 16,000 km in 2020; 45,000 km in 2021; 47,000 in 2022; 44,000 in 2023, and 74,000 in 2024. Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line method 2. double-diminishing-balance, and 3. units-of-production method (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to 0 decimal places, e.g. 5,276.) 1. STRAIGHT-LINE METHOD End of Year Depreciable Amount Depreciation Rate Depreciation Expense Accumulated Depreciation Carrying Amount Year Truck 2020 % $ $ 2021 % 2022 % 2023 % 2024 % 2025 % 2. DOUBLE-DIMINISHING-BALANCE METHOD End of Year Depreciable Amount Depreciation Rate Year Depreciation Expense Accumulated Depreciation Carrying Amount Vehicles 2020 % $ 2021 % 2022 % 2023 % 2024 % 2025 % 3. UNITS-OF-PRODUCTION METHOD End of Year No. of Units Depreciation Amt/Unit Year Depreciation Expense Accumulated Depreciation Carrying Amount X Vehicles 2020 2021 2022 2023 2024 Prepare journal entries to record the purchase of the asset on July 1, 2020, and to record depreciation expense on December 31, 2022 under the double diminishing balance method. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit What is the carrying amount on December 31, 2023 under the double-diminishing balance method? (Round answer to 0 decimal places, e.g. 5,276.) Carrying amount What is the accumulated depreciation amount on December 31, 2023 under the units-of-production method? Accumulated depreciation amount What is the carrying value at the end of the life of the asset under the straight-line method? Carrying value SHOW LIST OF ACCOUNTS LINK TO TEXT How does your answer in the immediately preceding question compare to the other two methods? The answers in the immediately preceding question is compared to the other two methods. Prepare journal entries to record the purchase of the asset on July 1, 2020, and to record depreciation expense on December 31, 2022 under the double diminishing balance method. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit