the estimated residual value is 20,000

V Depreciation methods ESA. On January 13, 2013, Precision Oil Company purchased a drilling truck for $90,000 Precision expects the truck to last five years or 200,000 miles, with an estimated residual value 200 of 9010 at the end of that time. During 2014, the truck is driven 48,000 miles. Precision's year end is December 31. Compute the depreciation for 2014 under each of the follow- ing methods: (1) straight-line, (2) production, and (3) double-declining-balance. Using the amount computed in (3), prepare the journal entry to record depreciation expense for the second year, and show how the Drilling Truck account would appear on the balance sheet