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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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