Thaxton, Incorporated, purchased a used truck for deliveries and is attempting to determine how much depreciation expense

would be recognized under three different methods. The truck cost $$20,000$ and is expected to have a value of $$4,000$ at the

end of its five$-$year life. The truck is expected to be used at the rate of $10,000$ miles in the first year, $20,000$ miles in the second

and third years, and $15,000$ miles in each of the fourth and fifth years.

Required:

a$.$ Determine the amount of depreciation expense that Thaxton should expect to recognize under each of the following

depreciation methods in the first and second years of the truck's useful life. A full year's depreciation will be recognized in the

first year the truck is used.

Straight$-$line.

Double$-$declining$-$balance.

Units$-$of$-$output $($based on miles$).$

b$.$ Prepare the plant assets section of the balance sheet at the end of the second year of the asset's useful life under the

straight$-$line method, assuming the truck is the only plant asset owned by Thaxton, Incorporated.

Complete this question by entering your answers in the tabs below.

Required $A$

Determine the amount of depreciation expense that Thaxton should expect to recognize under each of the following

depreciation methods in the first and second years of the truck's useful life. A full year's depreciation will be recognized in the

first year the truck is used.