Calculate the net income for 2016 for companies a,b, and c
Calculate the net income for 2019 for companies a,b, and c
Calculate the book value on the December 31, 2018, balance sheet for companies a, b, and c. (Round your "Per Unit Cost" to 3 decimal places.)
Calculate the retained earnings on the December 31, 2019, balance sheet for companies a, b, and c
Three different companies each purchased trucks on January 1, 2016, for $62,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $2,000. All three trucks were driven 80,000 miles in 2016, 55,000 miles in 2017, 51,000 miles in 2018, and 70,000 miles in 2019. Each of the three companies earned $53,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.
Ignore the effects of income taxes.