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Lovell purchased a used van for use in its business on Jamuary 1, 2020. It paid $16,000 for the van. Lovell expects the van to
Lovell purchased a used van for use in its business on Jamuary 1, 2020. It paid $16,000 for the van. Lovell expects the van to have a useful sfe of four years, with an estimated residual val $1,300. Lovell expects to drive the van 14,000 miles during 2020, 30,000 miles during 2021, 11,000 miles in 2022, and 50,000 miles in 2023, for total expectod miles of 105,000 . Read the (Complete all input Golds. Enter a "0" for any zero values. Use three decimal places for the deprociation cost per mile.) Requirements Using the units-of-production method of depreciation (wth miles as the production unit), calculate the following amounts for the van for each of the four years of its per milet a. Depreciation expense b. Accumulated depreciation balance c. Bock value
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