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On Jan 1, 2010, you purchased a vehicle costing $28,000 with additional costs of taxes, $1,750 and shipping costs, $250. Based on historical records, you

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On Jan 1, 2010, you purchased a vehicle costing $28,000 with additional costs of taxes, $1,750 and shipping costs, $250. Based on historical records, you estimate the useful life to be 8 years and the estimated salvage value to be $1,500. You depreciate this vehicle using the double- declining balance depreciation method. On January 1, 2014, you revise the asset's total estimated useful life from 8 years to 9 years and change the estimated salvage value to $1,000. Required: Compute the depreciation for each year and a) prepare the appropriate adjusting journal entry to record the depreciation for years 1, 5, and 9 and b) show the balance sheet presentation of the vehicle for years 5 and 9. (Round answers to O decimal places) 2 ) Balance sheet 1) Account Titles and Explanation P. R.Debit

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