A delivery truck was acquired by Navarro Inc. for $80,000 on January 1, 2013. The truck was estimated to have a 3-year life and a trade-in value at the end of that time of $20,000. The following depreciation methods are being considered:
(a) Depreciation is to be calculated by the straight-line method.
(b) Depreciation is to be calculated by the sum-of-the-years'-digits method.
(c) Depreciation is to be calculated by the double-declining-balance method.
Instructions:
Prepare tables reporting periodic depreciation and asset book value over a 3-year period for each method listed.