I got the amount for 2023 correct but I keep getting the 2022 incorrect. I am not sure which numbers to use. Wildhorse Company purchased a delivery truck for $48,000 on July 1, 2022. The truck has an expected salvage value of $2,000, and isexpected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in2023. Wildhorse uses the straight-line method of depreciation.(a)Your answer is partially correct.Compute depreciation expense for 2022 and 2023.Straight-line method2022Depreciation Expense20235750

Answer :Straight line method depreciation = (Purchase cost - Salvage value) / Useful lifeStraight line depreciation = ($48,000 - $2000)/ 8 Years = $5750 for a year Depreciation for 2022 = ($48,000 - $2000)/ 8 Years = $5750 for a year But for 2022 it will be $2,875 ($5750/2) because it is purchase on July 1,2022 Depreciation for 2023 = ($48,000 -$2000)/8 = $5,750 for a year 2022 2023 Straight line depreciation $2875 $5750

Answered: O miles over its estimate

Business

Accounting

O miles over its estimate

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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