1. You purchase a truck on 1-1-x1 for $55,000. Salvage value is $5,000 and the life of the truckis 5 years. Fill in the ...

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1. You purchase a truck on 1-1-x1 for $55,000. Salvage value is $5,000 and the life of the truck
is 5 years. Fill in the chart below using straight line depreciation.
Depreciation Expense
Accumulated Depreciation
Year 1
___________
________________
Year 2 ___________
________________
Year 3
___________
________________
Year 4 ____________
________________
Year 5 ____________
________________
Prepare the necessary journal entry needed on 12-31-x1 to record depreciation expense

Prepare the necessary journal entry needed on 12-31-X2 to record depreciation expense

2. You purchase a truck on 1-1-x1 for $55,000. Salvage value is $5,000 and the life of the
truck is 5 years. Fill in the chart below using Double Declining depreciation.
Depreciation Expense
Accumulated Depreciation
Year 1
___________
________________
Year 2 ___________
________________
Year 3
___________
________________
Year 4 ____________
________________
Year 5 ____________
________________

Prepare the necessary journal entry needed on 12-31-x1 to record depreciation expense

Prepare the necessary journal entry needed on 12-31-X2 to record depreciation expense

Bonus +10

3. You purchase a truck on 1-1-x1 for $55,000. Salvage value is $5,000 and the life of the truck
is estimated at 200,000 miles. Fill in the chart below using Units of production
depreciation.
Actual Mileage Depreciation Expense
Accumulated Depreciation
Year 1 40,000
___________
________________
Year 2 45,000
___________
________________
Year 3 50,000
___________
________________
Year 4 50,000
____________
________________
Year 5 60,000
____________
________________
What is the depreciation expense per mile. ________

Prepare the necessary journal entry needed on 12-31-x1 to record depreciation expense

Prepare the necessary journal entry needed on 12-31-X2 to record depreciation expense










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