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On January 1, 2020, a truck was purchased for the cost of $86,970. The following information is being used to calculate depreciation: These trucks can
On January 1, 2020, a truck was purchased for the cost of $86,970. The following information is being used to calculate depreciation: These trucks can usually drive an average of 370,000 KMs in their life-time. The truck is estimated to have a 6 year useful life and a residual value of $5,460 The truck was driven for 29,865 KM in 2020 and 39,128 KM in 2021. The company's fiscal year end is November 30. The units-of-production method is used to depreciate the asset. Round the kilometer rate to three decimal places (e.g. $1.035/km). 1. Depreciation expense for fiscal year 2020 is: (nearest dollar without comma, e.g. 15000): 2. Depreciation expense for fiscal year 2021 is (nearest dollar without comma, e.g. 15000): 3 Truck's carrying amount, as at November 30, 2021 is: (nearest dollar without comma, e.g. 15000)
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