Pharoah Company purchased a delivery truck for $44,000on July 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven100,000miles over its estimated useful life of8years. Actual miles driven were15,000in 2022 and12,000in 2023. Pharoah uses the straight-line method of depreciation.

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Compute depreciation expense for 2022 and 2023.

Depreciation Expense

2022

2023

Straight-line method$

$

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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

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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

PHAROAHCOMPANY

PartialBalance Sheet

For the Year Ended December 31, 2023For the Month Ended December 31, 2023December 31, 2023

$

AddLess

:

$