Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Metlock, Inc. purchased a delivery truck for $30,000 on January 1, 2022. The truck has an expected salvage value of $3,000, and is expected to
Metlock, Inc. purchased a delivery truck for $30,000 on January 1, 2022. The truck has an expected salvage value of $3,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,400 in 2022 and 12,500 in 2023. Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, eg. 0.50.) Depreciable cost $ 0.27 per mile e Textbook and Media List of Accounts Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. Depreciation Expense 2022 2023 (1) Straight-line method $ $ (2) Units-of-activity method $ $ (3) Double-declining-balance method $ $ Assume that Metlock uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Assume that Metlock uses the straight-line method. Show how the truck would be reported in the December 31, 2022, balance sheet. Metlock, Inc. Partial Balance Sheet UA $ UA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started