Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year.
Three schedules for the 3 methods: straight-line, units-of-production, double declining basis. Asset is a delivery Truck.
Est. Life ………… 4
Orig. Cost Basis 24,700.00
Est. Residual Value 1,000.00
Est. total milage 100,000
miles driven, Yr 1 22,800
miles driven, Yr 2 24,400
miles driven, Yr 3 29,400
miles driven, Yr 4 23,400
Part 2:
Assuming the truck is sold at the end of yr. 3, give the gen. journal entry to record the sale (straight-line method)
assume it was sold for: 5,500.00
use excel and show work