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On April 1, 2024, Stool Co. purchased a new vehicle for $45,000. The vehicle had an expected useful life of six years, and an expected
On April 1, 2024, Stool Co. purchased a new vehicle for $45,000. The vehicle had an expected useful life of six years, and an expected residual value of $9,000. The company expected that in those six years, the vehicle would be driven for 150,000 kilometers. The company has a fiscal year end of December 31. On July 1, 2026, the company sells the vehicle for $28,000. The vehicle was actually driven for the following kilometers each year: 2024 10,000 kilometers 2025 20,000 kilometers 2026 15,000 kilometers Required: Fill in the following table: Straight Line Units of Production Double D. Balance 2024 Depreciation exp 2025 Depreciation exp 2026 Depreciation exp Accumulated Depn on Date of sale Gain/Loss on Sale
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