Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Required information
[The following information applies to the questions
displayed below.]
On January 1, 2024, the Excel Delivery Company
purchased a delivery van for $33,750. At the end of its
five-year service life, it is estimated that the van will be
worth $3,000. During the five-year period, the company
expects to drive the van 102,500 miles.
Required:
Calculate annual depreciation for the five-year life of the
van using each of the following methods.
3. Units of production using miles driven as a measure of output, and the
following actual mileage:
Note: Do not round intermediate calculations. Round your final answers
to the nearest whole dollar amount.
Year
Miles
Depreciation
2024
22,500
2025
24,500
2026
15,500
2027
22,500
2028
19,500
Total
0
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Transcribed Image Text:Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,750. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 102,500 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Year Miles Depreciation 2024 22,500 2025 24,500 2026 15,500 2027 22,500 2028 19,500 Total 0
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