Prepare the 12/31/18 journal entry for each method SL (same each year) SYD, Years 1-5 DDB, Years 1-5 UcR, Years 1-5 Exercises E 11-1 Depreciation methods LO11-2 On January 1, 2018, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods Round all computations to the nearest dollar 1. Straight line 2. Sum-of-the-years'-digits 3. Double-declining balance 4. Units of production using miles driven as a measure of output, and the following actual mileage: Year Miles 2018 22,000 2019 24,000 2020 15,000 2021 20,000 2022 21,000 Depreciable amount-33000-3000-30000 1) Straight line method-(33000-3000)/5-6000 per year 2) Sum of the years digit Year Calculation 10000-30000x5/15 8000-30000x4/15 6000-30000x3/15 4000 -30000x2/15 2000-30000x1/15 Depreciation 4 3) Double Declining rate-100/life x 2:40% Depreciation-opening book value x 40% Book value Closing book value 19800 11880 7128 4277 3000 Year Depreciation 33000 19800 11880 7128 4277 13200 7920 4752 2851 277 3 4 4) Depreciation per mile - 30000/100000-0.3 per mile Book value Miles Depreciation|Closing book value 26400 19200 14700 8700 3000 Year 33000 26400 19200 14700 8700 22000 24000 15000 20000 21000 6600 7200 4500 6000 5700 3 4