Hi, i need help with this question, thanks u  On January 1, Simms Delivery purchased a truck for $38,000. The truck has an estimated useful life of  5 years and a $3,000 expected salvage value. Simms uses the straight-line method. Hint: Think what kind of balance expenses have and what kind of balances contra-assets account have.    Prepare the adjusting entry for depreciation on December 31 of the year. (Show all calculations below the entry.)   Date     Description Post Ref   Debit   Credit   Adjusting Entries       January 1  Truck    38,000                         2. Compute the book value at the end of the second year of the truck’s useful life. (Show all calculations in your answer.)

A truck was purchased on January 2 at a cost of $60,000. It is expected to be used for 5 years and to have a salvage value of $5,000 after 120,000 miles of service. The truck was driven 23,000 miles the first year and 25,000 miles the second year. Calculate the depreciation expense for the 1st and 2nd years. Round your answers to two decimal places.     Year 1 Year 2 Straight-line $ $ Declining-balance (double) $ $ Sum-of-the-years-digits' $ $ Units-of-production $ $

Please do not give solution in image format thanku

On January 1, Year 1, Friedman Company purchased a truck that cost $40,000. The truck had an expected useful life of 200,000 miles over 8 years and an $8,000 salvage value. During Year 2, Friedman drove the truck 19,000 miles. Friedman uses the units-of-production method. What is depreciation expense in Year 2? Note: Round your intermediate calculations to 3 decimal places. Multiple Choice O O O O $3,800 $3,040 $5,000 $4,000

A building is acquired on January 1, at a cost of $900,000 with an estimated useful life of 10 years and salvage value of $81,000.  Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.)

AZ Inc. purchased Equipment on January 1 for $80,000. This equipment is depreciated using the straight line method with a salvage value of $4,000 and a five year estimated useful life. Show your work where applicable. a. How much depreciation expense would be reported each year for this equipment b. What is the total accumulated depreciation on Equipment at the end of year 2 A/ C. In which Financial Statement would Equipment be presented in? (Balance Sheet, Income Statement, Statement of Retained Earnings, Cash Flow Statement) A/ d. What would be the total value reported for Equipment in this A/ Financial Statement at the end of year 5

Determine depreciation for that first year using both the Straight-Line Method and the Units of Activity Method as well as determine if there was a gain or loss on disposal from the problem below.   On February 1, 2021, Harper Brewing Co. purchased a truck for $20,000. It's expected salvage value is $500. The estimated useful life (in years) is 5 years. And the estimated useful life (in miles) is 100,000. On December 31, 2021, Harper Brewing Co. sells the truck for $10,000 after driving it for 30,000 miles.

I need formulas for each of the yellow highlighted For example C7 is January 1 book value, so on and so on... Please and thank you

A truck was purchased via a bank loan for a cost of $75,000 with an estimated life of 10 years and a residual value of $1,000.Prepare the journal entries to record the purchase of the vehicle andprepare a journal entry for 1 month of depreciation

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?