Question
Tasty Subs acquired a food-service truck on October 1, 2024, for $120,000. The company estimates a residual value of $40,000 and a four-year service life.
Tasty Subs acquired a food-service truck on October 1, 2024, for $120,000. The company estimates a residual value of $40,000 and a four-year service life. It expects to drive the truck 100,000 miles. Actual mileage was 5,000 miles in 2024 and 28,000 miles in 2025. Required:
Determine the financial statement effects of the depreciation in 2024.
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Understanding And Auditing IT Systems Volume 2
Authors: Young-Woon Min
2nd Edition
1257758837, 978-1257758838
