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On January 1, 2020, Done Inc. purchased a Truck for $64,000. The estimated life of the truck was & years, with an estimated residual value of $4,000 Compute the Depreciation depreciation, and Book value on this equipment for the years ending on December 31, 2020. Using the following method: Straight- line Method 2020 O Straight line Method 2020 Straight- line Method 2020 Computations O Straight- line Method 2020 O Straight line Method 2020 Computations $(64,000+4,000y8 Computations $64,000/8 Computations $(64,000-4,000 y8 Computations $(64.000-8.00014 Depreciation Expense Depreciation Expense $8.500 Depreciation Expense $8,000 Depreciation Expense $7,500 Depreciation Expense $14.000 Accumulated Depreciation Accumulated Depreciation $6,500 Accumulated Depreciation $8,000 Accumulated Depreciation $7,500 Accumulated Depreciation $14.000 Book Value Book Value $55,500 Book Value $56,000 Book Value $56,500 Book Value $50,000

On January 1, 2020, Done Inc. purchased a Truck for $64,000. The estimated life of the truck was & years, with an estimated residual value of $4,000 Compute the Depreciation depreciation, and Book value on this equipment for the years ending on December 31, 2020. Using the following method: Straight- line Method 2020 O Straight line Method 2020 Straight- line Method 2020 Computations O Straight- line Method 2020 O Straight line Method 2020 Computations $(64,000+4,000y8 Computations $64,000/8 Computations $(64,000-4,000 y8 Computations $(64.000-8.00014 Depreciation Expense Depreciation Expense $8.500 Depreciation Expense $8,000 Depreciation Expense $7,500 Depreciation Expense $14.000 Accumulated Depreciation Accumulated Depreciation $6,500 Accumulated Depreciation $8,000 Accumulated Depreciation $7,500 Accumulated Depreciation $14.000 Book Value Book Value $55,500 Book Value $56,000 Book Value $56,500 Book Value $50,000

FINANCIAL ACCOUNTING
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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On January 1, 2020, Done Inc. purchased a Truck for $64,000. The estimated life of the truck was 8 years, with an estimated residual value of $4,000 Compute the Depreciation exp depreciation, and Book value on this equipment for the years ending on December 31, 2020. Using the following method Straight- line Method 2020 Straight. line Method 2020 O Straight. line Method 2020 Straight- line Method 2020 O Straight line Method 2020 Computations Computations $(64,000+4,000y8 Computations $64,000/8 Computations $(64,000-4,000y8 Computations $(64,000-8,000/4 Depreciation Expense Depreciation Expense $8.500 Depreciation Expense $8,000 Depreciation Expense $7,500 Depreciation Expense $14,000 Accumulated Depreciation Accumulated Depreciation $ 8,500 Accumulated Depreciation $8,000 Accumulated Depreciation $7,500 Accumulated Depreciation $ 14,000 Book Value Book Value $55,500 Book Value $56.000 Book Value $56,500 Book Value $50,000
Transcribed Image Text:On January 1, 2020, Done Inc. purchased a Truck for $64,000. The estimated life of the truck was 8 years, with an estimated residual value of $4,000 Compute the Depreciation exp depreciation, and Book value on this equipment for the years ending on December 31, 2020. Using the following method Straight- line Method 2020 Straight. line Method 2020 O Straight. line Method 2020 Straight- line Method 2020 O Straight line Method 2020 Computations Computations $(64,000+4,000y8 Computations $64,000/8 Computations $(64,000-4,000y8 Computations $(64,000-8,000/4 Depreciation Expense Depreciation Expense $8.500 Depreciation Expense $8,000 Depreciation Expense $7,500 Depreciation Expense $14,000 Accumulated Depreciation Accumulated Depreciation $ 8,500 Accumulated Depreciation $8,000 Accumulated Depreciation $7,500 Accumulated Depreciation $ 14,000 Book Value Book Value $55,500 Book Value $56.000 Book Value $56,500 Book Value $50,000
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