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Odell purchased a used van for use in its business on January 1 , 2 0 2 0 . It paid $ 1 5 ,

Odell purchased a used van for use in its business on January 1,2020. It paid $15,000 for the van. Odell expects the van to have a useful life of four years, with an estimated residual value of $1,200. Odell expects to drive the van 31,000 miles during 2020,28,000 miles during 2021,14,000 miles in 2022, and 19,000 miles in 2023, for total expected miles of 92,000.
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\table[[Straight-line method,,],[Year,\table[[Annual],[Depreciation],[Expense]],\table[[Accumulated],[Depreciation]],Book Value],[Start,,,],[2020,,,],[2021,,,],[2022,,,],[2023,,,]]
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