Question
Oriole Company purchased a delivery truck for $ 44,000 on July 1, 2022. The truck has an expected salvage value of $ 4,000, and is
Oriole Company purchased a delivery truck for $ 44,000 on July 1, 2022. The truck has an expected salvage value of $ 4,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Oriole uses the straight-line method of depreciation.
Compute depreciation expense for 2022 and 2023.
Depreciation Expense | ||||
2022 | 2023 | |||
Straight-line method | $ | $ |
eTextbook and Media
List of Accounts
Prepare the journal entry to record 2022 depreciation. (Credit account titles are automatically indented when 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.)
Account Titles and Explanation | Debit | Credit |
eTextbook and Media
List of Accounts
Prepare the journal entry to record 2023 depreciation. (Credit account titles are automatically indented when 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.)
Account Titles and Explanation | Debit | Credit |
eTextbook and Media
List of Accounts
Show how the truck would be reported in the December 31, 2023, balance sheet.
ORIOLE COMPANY Partial Balance Sheet For the Year Ended December 31, 2023December 31, 2023For the Month Ended December 31, 2023 | |||
$ | |||
AddLess: | |||
$ |
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