Lovell

purchased a used van for use in its business on January 1,

2020.

It paid

$17,000

for the van.

Lovell

expects the van to have a useful life of four years, with an estimated residual value of

$1,400.

Lovell

expects to drive the van

30,000

miles during

2020,

16,000

miles during

2021,

21,000

miles in

2022,

and

33,000

miles in

2023,

for total expected miles of

100,000.