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Kerry Enterprises purchases a truck for $63,000 on January 1, 2021. The truck has an estimated residual value of $3,000, and an estimated useful life
Kerry Enterprises purchases a truck for $63,000 on January 1, 2021. The truck has an estimated residual value of $3,000, and an estimated useful life of 5 years, or a total distance of 300,000 km. If 60,000 km are driven in 2021, what amount of depreciation expense would Kerry Enterprises record at December 31, 2021, assuming it uses the following depreciation method:
* Unit-of-production method | Answer 1 |
* Double diminishing-balance method | Answer 2 |
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