On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $88,000. She paid a $20,000 cash and signed a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or 200,000 kilometres and a residual value of $8,000. Molly's Greenhouse has a December 31 year end. Molly drove the truck 16,000 km in 2020; 45,000 km in 2021; 47,000 in 2022; 44,000 in 2023, and 49,000 in 2024. Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. 2. 3. straight-line method double-diminishing-balance, and units-of-production method (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE METHOD Depreciable Amount Depreciation Rate Depreciation Expense Year Truck 2020 $ % $ $ 2021 % 2022 % 2023 % 2024 % 2025 % 2. DOUBLE-DIMINISHING-BALANCE METHOD Depreciable Amount Depreciation Rate Depreciation Expense Year Vehicles 2020 $ % $ $ 2021 % 2022 % 2023 % 2024 % 2025 % 3. UNITS-OF-PRODUCTION METHOD No. of Units Depreciation Amt/Unit Depreciation Expense AC D Year Vehicles 2020 $ $ 2021 2022 2023 2024 Prepare journal entries to record the purchase of the asset on July 1, 2020, and to record depreciation expense on December 31, 2022 under the double diminishing balance method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Cre e Textbook and Media What is the carrying amount on December 31, 2023 under the double-diminishing balance method? (Round answer to 0 decimal places, e.g. 5,276.) Carrying amount $ e Textbook and Media What is the accumulated depreciation amount on December 31, 2023 under the units-of-production method? Accumulated depreciation amount $ e Textbook and Media What is the carrying value at the end of the life of the asset under the straight-line method? Carrying value $ e Textbook and Media How does your answer in the immediately preceding question compare to the other two methods? The answers in the immediately preceding question is compared to the other two methods. e Textbook and Media On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $88,000. She paid a $20,000 cash and signed a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or 200,000 kilometres and a residual value of $8,000. Molly's Greenhouse has a December 31 year end. Molly drove the truck 16,000 km in 2020; 45,000 km in 2021; 47,000 in 2022; 44,000 in 2023, and 49,000 in 2024. Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. 2. 3. straight-line method double-diminishing-balance, and units-of-production method (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE METHOD Depreciable Amount Depreciation Rate Depreciation Expense Year Truck 2020 $ % $ $ 2021 % 2022 % 2023 % 2024 % 2025 % 2. DOUBLE-DIMINISHING-BALANCE METHOD Depreciable Amount Depreciation Rate Depreciation Expense Year Vehicles 2020 $ % $ $ 2021 % 2022 % 2023 % 2024 % 2025 % 3. UNITS-OF-PRODUCTION METHOD No. of Units Depreciation Amt/Unit Depreciation Expense AC D Year Vehicles 2020 $ $ 2021 2022 2023 2024 Prepare journal entries to record the purchase of the asset on July 1, 2020, and to record depreciation expense on December 31, 2022 under the double diminishing balance method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Cre e Textbook and Media What is the carrying amount on December 31, 2023 under the double-diminishing balance method? (Round answer to 0 decimal places, e.g. 5,276.) Carrying amount $ e Textbook and Media What is the accumulated depreciation amount on December 31, 2023 under the units-of-production method? Accumulated depreciation amount $ e Textbook and Media What is the carrying value at the end of the life of the asset under the straight-line method? Carrying value $ e Textbook and Media How does your answer in the immediately preceding question compare to the other two methods? The answers in the immediately preceding question is compared to the other two methods. e Textbook and Media