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please help with the double-declining-balance. this is my last question for the month so please don't answer unless you know how to do it. On
please help with the double-declining-balance. this is my last question for the month so please don't answer unless you know how to do it.
On January 2,2018 , Reliable Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Reliable spent $2,200 painting it, $1,500 replacing tires, and $8,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fith year-140,000 miles in total. In deciding which depreciation method to use, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. Requirements preciation, and asset book value. 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Reliable prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Reliable uses the truck. Identify the depreciation method that meets the company's objectives. Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) 1 - 1 1 1+ Double-Declining-Balance Depreciation ScheduleStep by Step Solution
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