Odell purchased a used van for use in its business on January 1, 2020. It paid $11,000 for the van. Odell expects the van to have a useful life of four years, with an estimated residual value of $800. Odell expects to drive the van 30,000 miles during 2020, 20,000 miles during 2021, 10,000 miles in 2022, and 21,600 miles in 2023, for total expected miles of 81,600. Read the requirements. (Complete all input fields. Enter a "0" for any zero values. Use three decimal places for the depreciation cost per mile.) Units-of-production method Annual Depreciation Accumulated Year Expense Depreciation Book Value Start 2020 2021 2022 2023

Odell purchased a used van for use in its business on January 1, 2020. It paid $11,000 for the van. Odell expects the van to have a useful life of four years, with an estimated residual value of $800. Odell expects to drive the van 30,000 miles during 2020, 20,000 miles during 2021, 10,000 miles in 2022, and 21,600 miles in 2023, for total expected miles of 81,600. Read the requirements. (Complete all input fields. Enter a "0" for any zero values. Use three decimal places for the depreciation cost per mile.) Units-of-production method Annual Depreciation Accumulated Year Expense Depreciation Book Value Start 2020 2021 2022 2023

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Description: i need the answer quickly Odell purchased a used van for use in its business on January 1, 2020. It paid $11,000 for the van. Odell expects the van to have a useful life of four years, with an estimated residual value of $800.Odell expects to drive t

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 13P

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Deluxe Pizza bought a used Ford delivery van on January 2, 2021, for $20,200. The van was expected to remain in service for four years (92,500 miles). At the end of its useful life, Deluxe management estimated that the van's residual value would be $1,700. The van traveled 32,000 miles the first year, 21,000 miles the second year, 20,000 miles the third year, and 19,500 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 2021 Straight-Line 2022 2023 2024 Total Question Viewer
Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 1,700 hours and produces 50,000 units. In 2020, Gruman uses the machine for 1,200 hours and produces 34,000 units. If required, round your final answers to the nearest dollar. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? Activity method based on hours worked 2019 $ fill in the blank 17 2020 $ fill in the blank 18 Activity method based on units of output 2019 $ fill in the blank 19 2020 $ fill in the blank 20
Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 1,700 hours and produces 50,000 units. In 2020, Gruman uses the machine for 1,200 hours and produces 34,000 units. If required, round your final answers to the nearest dollar. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? Straight-line method 2019 $ fill in the blank 11 2020 $ fill in the blank 12 Sum-of-the-years'-digits method 2019 $ fill in the blank 13 2020 $ fill in the blank 14 Double-declining-balance method 2019 $ fill in the blank 15 2020 $ fill in the blank 16 Activity method based on hours worked 2019 $ fill in the blank 17 2020 $ fill in the blank 18 Activity method based on units of output 2019 $ fill in the blank 19 2020 $ fill in the blank 20