Depreciation by units-of-activity method Prior to adjustment at the end of the year, the balance in Trucks is $415,000 and the balance in Accumulated Depreciation-Trucks is $124,000. Details of the subsidiary ledger are as follows: Truck No. 1 2 3 4 Truck No. 1 2 3 4 Total Cost Feedback $77,000 119,000 94,000 125,000 Estimated Residual Value $11,550 14,280. 13,160 15,000 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Rate per Mile (in cents) 0.28 ✔ 0.26 ✔ 0.37 ✔ 0.28 ✓ Estimated Useful Life 230,000 miles 400,000 miles 220,000 miles 390,000 miles 34,500 40,000 22,000 46,800 Miles Operated Accumulated Depreciation at Beginning of Year Credit to Accumulated Depreciation 9,660 10,400✔ 8,140 X 13,104 V 41,325 X $23,800 75,200 25,000 ✓ Miles Operated During Year 34,500 miles 40,000 miles 22,000 miles 46,800 miles

Depreciation by units-of-activity method Prior to adjustment at the end of the year, the balance in Trucks is $415,000 and the balance in Accumulated Depreciation-Trucks is $124,000. Details of the subsidiary ledger are as follows: Truck No. 1 2 3 4 Truck No. 1 2 3 4 Total Cost Feedback $77,000 119,000 94,000 125,000 Estimated Residual Value $11,550 14,280. 13,160 15,000 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Rate per Mile (in cents) 0.28 ✔ 0.26 ✔ 0.37 ✔ 0.28 ✓ Estimated Useful Life 230,000 miles 400,000 miles 220,000 miles 390,000 miles 34,500 40,000 22,000 46,800 Miles Operated Accumulated Depreciation at Beginning of Year Credit to Accumulated Depreciation 9,660 10,400✔ 8,140 X 13,104 V 41,325 X $23,800 75,200 25,000 ✓ Miles Operated During Year 34,500 miles 40,000 miles 22,000 miles 46,800 miles

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Description: Depreciation by units-of-activity methodPrior to adjustment at the end of the year, the balance in Trucks is $415,000 and the balance in Accumulated Depreciation-Trucks is $124,000. Details of the subsidiaryledger are as follows:TruckNo.1234Truck No

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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Depreciation by Units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $426,700 and the balance in Accumulated Depreciation—Trucks is $132,940. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $77,000 $11,550 200,000 miles —     30,000 miles 2 117,200 14,064 370,000 $23,440     37,000 3 105,000 14,700 202,000 84,000     20,200 4 127,500 15,300 240,000 25,500     28,800 Question Content Area a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Truck No. Rate per…
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