Answered step by step
Verified Expert Solution
Question
1 Approved Answer
part 1? and part 2, for year 2025? part 3? help please Required information Exercise 11-1 (Algo) Depreciation methods (LO11-2) (The following information applies to
part 1? and part 2, for year 2025? part 3? help please Required information Exercise 11-1 (Algo) Depreciation methods (LO11-2) (The following information applies to the questions displayed below) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $50,000. At the end of its five-year service life, it is estimated that the van will be worth $5,000. During the five-year period, the company expects to drive the van 115,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Exercise 11-1 (Algo) Part 1 1. Straight line. Straight-line per year Required information Exercise 11-1 (Algo) Depreciation methods (LO11-2] (The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $50,000. At the end of its five year service life, it is estimated that the van will be worth $5,000. During the five-year period, the company expects to drive the van 115,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Exercise 11-1 (Algo) Part 2 2. Double-declining balance. (Round your answers to the nearest whole dollar amount.) Year 2021 2022 2023 2024 2025 Total Depreciation $ 20,000 | 12.000 7,200 4.3201 $ 43,520 Required information Exercise 11-1 (Algo) Depreciation methods (LO11-2] The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $50,000. At the end of its five-year service life, it is estimated that the van will be worth $5,000. During the five-year period, the company expects to drive the van 115,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Exercise 11-1 (Algo) Part 3 3. Units of production using miles driven as a measure of output, and the following actual mileage: (Do not round intermediate calculations.) Depreciation Year 2021 2022 2023 2024 2025 Total Miles 25,000 27,000 18.000 23,000 24,000
part 1? and part 2, for year 2025? part 3? help please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started