Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $700,000 cash. The expected residual value of the truck is $40,000 and the expected useful life is 5 years. The company estimates that the truck will be used to drive 1,000,000miles over its useful life (210,000 miles in 2020; 180,000 miles in 2021 & all subsquent years). For the units-of-activity method, round the depreciaiton-per-unit to two decimal places before using it. PART A - STRAIGHT LINE DEPRECIATION Income Statement Depreciation Expense Year Ended 12/31/2020 Balance Sheet As of 12/31/2020 Accumulated Depreciation PART B - UNITS-OF-ACTIVITY DEPRECIATION Year Ended 12/31/2021 As of 12/31/2021 Income Statement Year Ended 12/31/2020 Year Ended 12/31/2021 Depreciation Expense Balance Sheet As of 12/31/2020 As of 12/31/2021 Accumulated Depreciation PART C - DOUBLE-DECLINING BALANCE DEPRECIATION Income Statement Depreciation Expense Balance Sheet Accumulated Depreciation Year Ended 12/31/2020 Year Ended 12/31/2021 As of 12/31/2020 As of 12/31/2021 Previous Next >