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On March 1, 2020, a truck was purchased for the cost of $87,690. The following information is being used to calculate depreciation: - These trucks
On March 1, 2020, a truck was purchased for the cost of $87,690. The following information is being used to calculate depreciation: - These trucks can usually drive an average of 365,000 KMs in their life-time. - The truck is estimated to have a 8 year useful life and a residual value of $4,560 - The truck was driven for 28,569 KM in 2020 and 38,912 KM in 2021. The company's fiscal year end is December 31. 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: (round to nearest dollar without comma, e.g. 15000): 6507 2. Depreciation expense for fiscal year 2021 is: (round to nearest dollar without comma, e.g. 15000): 8862 3. The truck's carrying amount, as at December 31, 2021 is: (round to nearest dollar without comma, e.g. 15000): 72321
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