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Rural Pizza bought a used Ford delivery van on January 2, 2021, for $20,000. The van was expected to remain in service for four years (45,000 miles). At the end of its useful life, Rural management estimated that the van's residual value would be $2,000. The van traveled 17,000 miles the first year, 18,000 miles the second year, 5,000 miles the third year, and 5,000 miles in the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. Prepare a schedule of depreciation expense per year for the van under the straight-line method. (Complete all input fields. Enter a 0 for any zero balances.) Year Straight-Line 2021 2022 2023 2024 Total

Rural Pizza bought a used Ford delivery van on January 2, 2021, for $20,000. The van was expected to remain in service for four years (45,000 miles). At the end of its useful life, Rural management estimated that the van's residual value would be $2,000. The van traveled 17,000 miles the first year, 18,000 miles the second year, 5,000 miles the third year, and 5,000 miles in the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. Prepare a schedule of depreciation expense per year for the van under the straight-line method. (Complete all input fields. Enter a 0 for any zero balances.) Year Straight-Line 2021 2022 2023 2024 Total

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rural Pizza bought a used Ford delivery van on January 2, 2021, for $20,000. The van was expected to remain in service for four years (45,000 miles). At the end of its useful life, Rural management estimated that the van's residual value would be $2,000. The van traveled 17,000 miles the first year, 18,000 miles the second year, 5,000 miles the third year, and 5,000 miles in the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. Prepare a schedule of depreciation expense per year for the van under the straight-line method. (Complete all input fields. Enter a 0 for any zero balances.) Year Straight-Line 2021 2022 2023 2024 Total
Transcribed Image Text:Rural Pizza bought a used Ford delivery van on January 2, 2021, for $20,000. The van was expected to remain in service for four years (45,000 miles). At the end of its useful life, Rural management estimated that the van's residual value would be $2,000. The van traveled 17,000 miles the first year, 18,000 miles the second year, 5,000 miles the third year, and 5,000 miles in the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. Prepare a schedule of depreciation expense per year for the van under the straight-line method. (Complete all input fields. Enter a 0 for any zero balances.) Year Straight-Line 2021 2022 2023 2024 Total
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