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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Quality Audits Are Fun Journal Notes Checklists Questions Observations Evidence Log
Authors: Just Visualize It, The Quality Guy
1st Edition
1726628981, 978-1726628983
