Strand Corp purchases a company Vehicle on 7/1/19. Cost = $70,000. Salavage value 10%. Est useful life = 5 years.

REQUIRED:

for year-end 12/31st for 2019 and 2020 only:

1) calculate Depreciation Exp using Straight-Line Depreciation for 2019 and 2020

2) using the Balance Sheet Equation or Journal Entries, do the accounting on 12/31/19 and 12/31/20

3) at the end of 12/31/20 show the asset's Net Book Value