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 DEPRECIATION Income Statement Depreciation Expense Year Ended 12/31/2020 fill in the blank 1  Year Ended 12/31/2021  fill in the blank 2 Balance Sheet Accumulated Depreciation 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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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 DEPRECIATION

Income Statement
Depreciation Expense
Year Ended 12/31/2020
fill in the blank 1
 Year Ended 12/31/2021
 fill in the blank 2
Balance Sheet
Accumulated Depreciation
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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