Question One$--$Sum of the Year's Digits

On March $31$st$,2018,$ Flores Flowers buys a delivery truck for $$40,000.$ The delivery truck will have a useful life of $5$ years and a residual value of $$5,000.$ Prepare a depreciation table using the sum$-$of$-$the$-$year's digits method.

Part One

Prepare Flores Flower's deprectiation table for the delivery truck.

Year

Depreciation Base

Depreciation Fraction

Annual Depreciation Expense

Partial Year

Current Year Depreciation Expense

Accumulated Depreciation

Book Value, End of Year

$2018$

$2019$

$2020$

$2021$

$2022$

$2023$

Part Two

Record Flores' December $31$st$,2018$ journal entry to account for the depreciation on the delivery truck during the year.