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Jack's, a popular pizza hang-out, has a thriving delivery business. Jack's has a fleet of three delivery automobiles. Prior to making the entry for this
Jack's, a popular pizza hang-out, has a thriving delivery business. Jack's has a fleet of three delivery automobiles. Prior to making the entry for this year's depreciation expense, the subsidiary ledger for the fleet is as follows Accumulated Estimated Depr.-Beg. Miles Operated Life in Miles of the Year During Year Car Cost Salvage Value $2,520 1 $21,000 $3,000 75,000 20,000 2 18,000 2,400 60,000 2,340 22,000 3 23,500 19,000 2,500 70,000 2,000 Determine the depreciation rates per mile for each car. (Round answers to 2 decimal places, eg. 15.25.) Car 1 $ per mile Car 2 $ per mile Car 3 $ per mile Car 3 per mile Determine the depreciation expense for each car for the current year. Depreciation Expense Car 1$ Car 2$ Car3$ Make one compound journal entry to record the annual depreciation expense for the fleet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry"for the account titles and enter O for the amounts.) Credit Account Titles and Explanation Debit
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