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On January 1, 2014, Wasson Company purchased a delivery vehicle costing $30,270. The vehicle has an estimated 7-year life and a $3,300 residual value. Wasson
On January 1, 2014, Wasson Company purchased a delivery vehicle costing $30,270. The vehicle has an estimated 7-year life and a $3,300 residual value. Wasson estimates that the vehicle will be driven 93,000 miles. What is the vehicle's book value as of December 31, 2015 assuming Wasson uses the units-of-production depreciation method and the vehicle was driven 11,700 miles during 2014 and 19,700 miles during 2015? (Do not round your intermediate calculations.)
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