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Luxury Company purchased a new car for use in its business on January 1, 2017. It paid $28,000 for the car. Luxury expects the car
Luxury Company purchased a new car for use in its business on January 1, 2017. It paid $28,000 for the car. Luxury expects the car to have a useful life of four years with an estimated residual value of zero. Luxury expects to drive the car 10,000 miles during 2017, 95,000 miles during 2018, 40,000 miles in 2019, and 15,000 miles in 2020, for total expected miles of 160,000. Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values.) Units-of-production method Annual Depreciation Expense Accumulated X Requirements Year Depreciation Book Value Start 2017 2018 2019 Using the units-of-production method of depreciation (with miles as the production unit), calculate the following amounts for the car for each of the four years of its expected life (do not round here; use three decimal places for the depreciation cost per mile) a. Depreciation expense b. Accumulated depreciation balance c. Book value 2020 Print Done
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