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Monty Company purchased a delivery truck for $31,000 on January 1,2022 . The truck has an expected salvage value of $1,840, and is expected to
Monty Company purchased a delivery truck for $31,000 on January 1,2022 . The truck has an expected salvage value of $1,840, and is expected to be driven 108,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,200 in 2022 and 11,200 in 2023. Assume that Monty uses the straight-line method. Show how the truck would be reported in the December 31, 2022, balance sheet
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