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Sheffield Corp. purchased a dellvery truck for $32,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and Is expected to
Sheffield Corp. purchased a dellvery truck for $32,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and Is expected to be driven 100,000 milles over its estimated useful life of 8 years, Actual mlles driven were 14,700 in 2020 and 12,300 In 2021. Calculate depreciation expense per mile under units-of-activity method. (Round ansiver to 2 decimal places, e.. 0.50.) Depresialion expense per mile Compute depreciation axpensa for 212D and 2021 using 1 the straight-line method, (2) the units-af-activity methad, and (3) the double-declining-halance method. (Round depreciation cost per unit to 2 decimal places,e.g. 0.50 and depreciatian rate to O decinal places, eg. 15%. Round final answers to 0 decimal places, eg. 2,125.) Depreciation Expense 2021 (1) Straight-line method (2) Units-of-activity method 3) Doub method ble-dedlining balance Assume that Sheffleld uses the stralght-line method. Frepare the journal entry to record 2020 depredatlon. (Credit account tities are automatlcally indented when amount is entered. Do not indent manually. If no entry Is required, select "No Entry" for the account titles nd enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,125.) Account Titles and Explanation
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