Three different companies each purchased trucks on January 1, 2018, for $54,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 75,000 miles in 2018, 60,000 miles in 2019, 50,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $41,000 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.

Problem 6-24 Part d

1.d-1.Calculate the retained earnings on the December 31, 2021, balance sheet?

Three different companies each purchased trucks on January 1, 2018, for $54,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 75,000 miles in 2018, 60,000 miles in 2019, 50,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $41,000 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-ofproduction depreciation. Answer each of the following questions. Ignore the effects of income taxes. Problem 6-24 Part :1 13-1. Calculate the retained earnings on the December 31, 2021, balance sheet