Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show how its solved thanks Chubbyville purchases a delivery van for $24,300, Chubbyville estimates a four-year service life and a residual value of $2,300.

image text in transcribed
image text in transcribed
image text in transcribed
please show how its solved thanks
Chubbyville purchases a delivery van for $24,300, Chubbyville estimates a four-year service life and a residual value of $2,300. During the four-year period, the company expects to drive the van 105,000 miles. Calculate annual depreciation for the four-year life of the van using each of the following methods. 1. Straight-line. Depreciation expense 2. Double-declining balance (Round your depreciation rate to 2 decimal places. Round your final answers to the nearest whole dollar) End of Year Amounts Depreciation Accumulated Expense Depreciation Year Book Value 1 2 3 4 2. Double-declining balance. (Round your depreciation rate to 2 decimal places. Round your final answers to the nearest whole dollar.) End of Year Amounts Depreciation Accumulated Expense Depreciation Year Book Value 1 2 3 4 Total $ 0 3. Actual miles driven each year were 19,000 miles in Year 1: 30,000 miles in Year 222,000 miles in Year 3; and 25,000 miles in Year 4. Note that actual total miles of 96,000 fall short of expectations by 9,000 miles Calculate annual depreciation for the four-year life of the van using activity based. (Round your depreciation rate to 2 decimal places.) End of Year Amounts Depreciation Accumulated Expense Depreciation Year Book Value 1 2. 3. Actual miles driven each year were 19,000 miles in Year 1: 30,000 miles in Year 2, 22,000 miles in Year 3; and 25,000 miles In Year 4. Note that actual total miles of 96,000 fall short of expectations by 9,000 miles. Calculate annual depreciation for the four-year life of the van using activity-based (Round your depreciation rate to 2 decimal places.) End of Year Amounts Depreciation Accumulated Expense Depreciation Year Book Value 1 2 3 4 Total $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Accounting Course 2

Authors: Claudia B. Gilbertson

9th Edition

053844827X, 9780538448277

More Books

Students also viewed these Accounting questions

Question

i cant click on your answer. its not letting me open the file.

Answered: 1 week ago