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Question 32 3 pts Use the following information to answer these questions. On January 1, our company purchased a truck for $95,000. The estimated useful
Question 32 3 pts
Use the following information to answer these questions.
On January 1, our company purchased a truck for $95,000. The estimated useful life of the truck is 5 years. The residual value at the end of 5 years is estimated to be $15,000.
What is the depreciation expense for the second year of use if we use the double-declining balance method?
What is the balance in accumulated depreciation at the end of the second year of use if we use the double-declining balance method?
What is the book value at the end of the second year of use if we use the double-declining balance method?
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Question 33 1 pts
On January 1 of the current year (Year 1), our company acquired a truck for $75,000. The estimated useful life of the truck is 5 years or 100,000 miles. The residual value at the end of 5 years is estimated to be $5,000. The actual mileage for the truck was 22,000 miles in Year 1 and 27,000 miles in Year 2. What is the depreciation expense for the second year of use (Year 2) if we use the units of production method?
$14,000 |
$15,400 |
$16,800 |
$18,900 |
please answer all midterm exam thank you
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