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Business, 14.12.2019 06:31 sierraaasifuent
Linton company purchased a delivery truck for $34,000 on january 1, 2020. the truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. actual miles driven were 15,000 in 2020 and 12,000 in 2021.
instructions
(a) compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method.
(b) assume that linton uses the straight-line method.
1. prepare the journal entry to record 2020 depreciation.
2. show how the truck would be reported in the december 31, 2020, balance sheet.
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Linton company purchased a delivery truck for $34,000 on january 1, 2020. the truck has an expected...
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