On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $117,000. She paid a $20,000 cash andsigned a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or275,000kilometres and a residual value of $7,000. Molly's Greenhouse has a December 31 year end. Molly drove the truck20,000km in 2020;57,000km in 2021;58,000in 2022;55,000in 2023, and86,000in 2024.

(a)

Prepare depreciation schedules for the life of the asset under the following depreciation methods:

1.straight-line method

2.double-diminishing-balance, and

3.units-of-production method

(Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to 0 decimal places, e.g. 5,276.)

1. STRAIGHT-LINE METHOD

2. DOUBLE-DIMINISHING-BALANCE METHOD

3. UNITS-OF-PRODUCTION METHOD

(b)

Prepare journal entries to record the purchase of the asset on July 1, 2020, and to record depreciation expense on December 31, 2022 under the double diminishing balance method.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(c)

What is the carrying amount on December 31, 2023 under the double-diminishing balance method?(Round answer to 0 decimal places, e.g. 5,276.)

Carrying amount$

(d)

What is the accumulated depreciation amount on December 31, 2023 under the units-of-productionmethod?

Accumulated depreciation amount$

(e)

What is the carrying value at the end of the life of the asset under the straight-line method?

Carrying value$

(f)

How does your answer inthe immediately preceding questioncompare to the other two methods?

The answers inthe immediately preceding questionis

higher

lower

the same

compared to the other two methods.