FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $790,000 cash. The expected residual value of the truck is $60,000 and the expected useful life is 10 years. The company estimates that the truck will be used to drive 1,000,000 miles over its useful life (120,000 miles in 2020; 90,000 miles in 2021 & all subsquent years).
For the units-of-activity method, round the depreciaiton-per-unit to two decimal places before using it. You
PART A - STRAIGHT LINE
Income Statement Depreciation Expense |
Year Ended 12/31/2020 fill in the blank 1 |
Year Ended 12/31/2021 fill in the blank 2 |
As of 12/31/2020 fill in the blank 3 |
As of 12/31/2021 fill in the blank 4 |
PART B - UNITS-OF-ACTIVITY DEPRECIATION
Income Statement Depreciation Expense |
Year Ended 12/31/2020 fill in the blank 5 |
Year Ended 12/31/2021 fill in the blank 6 |
Balance Sheet Accumulated Depreciation |
As of 12/31/2020 fill in the blank 7 |
As of 12/31/2021 fill in the blank 8 |
PART C - DOUBLE-DECLINING BALANCE DEPRECIATION
Income Statement Depreciation Expense |
Year Ended 12/31/2020 fill in the blank 9 |
Year Ended 12/31/2021 fill in the blank 10 |
Balance Sheet Accumulated Depreciation |
As of 12/31/2020 fill in the blank 11 |
As of 12/31/2021 fill in the blank 12 |
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