FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. Barb's Florists purchased a small delivery truck on January 1, 2020. • Cost $50,000 . Expected salvage value $5,000 Estimated useful life in years Estimated useful life in miles 5 ● 100,000 Required: Provide the journal entry for depreciation using the following methods. (Note: Different years) (a) Depreciation for 2022 using Straight-Line method (b) Depreciation for 2021 using Units-of-Activity if the truck drives 20,000 miles in 2021. (c) Depreciation for 2021 using Double Declining Balance method
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Transcribed Image Text:1. Barb's Florists purchased a small delivery truck on January 1, 2020. • Cost $50,000 . Expected salvage value $5,000 Estimated useful life in years Estimated useful life in miles 5 ● 100,000 Required: Provide the journal entry for depreciation using the following methods. (Note: Different years) (a) Depreciation for 2022 using Straight-Line method (b) Depreciation for 2021 using Units-of-Activity if the truck drives 20,000 miles in 2021. (c) Depreciation for 2021 using Double Declining Balance method
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Step 1: Introduction
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Step 2: Working note #1:- Straight Line Method
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Step 3: Working note #2:- Units-of-Activity Method
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Step 4: Working note #3:- Double Declining Balance Method
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