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Three different companies each purchased trucks on January 1, 2018, for $66,000. Each truck was expected to last four years or 200,000 miles. Salvage value
Three different companies each purchased trucks on January 1, 2018, for $66,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $7,000. All three trucks were driven 74000 miles in 2018 35,000 miles in 2019, 30,000 miles in 2020, and 68,000 miles in 2021. Each of the three companies earned $55,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double- declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. d-1. Calculate the retained earnings on the December 31, 2021, balance sheet? Retained Earnings Company A Company B Company C
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