ABC Inc purchased a delivery truck for $ 32,000 on January 1, 2006. If the useful life
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Question:
ABC Inc purchased a delivery truck for $ 32,000 on January 1, 2006. If the useful life of the truck is four years and the residual value is $ 2,000, determine the yearly depreciation, accumulated depreciation and book value each year for both straight line and double declining depreciation. The format is provided below to assist you.
| | Straight Line | | | |
| | | | | |
| | | | | |
Year | Purchase Price | Depreciation | Accumulated | Book Value | |
| | | Depreciation | | |
1 | | | | | |
2 | | | | | |
3 | | | | | |
4 | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | Double Declining | | | |
| | | | | |
Year | Purchase Price | Depreciation | Accumulated | Book Value | |
| | | Depreciation | | |
1 | | | | | |
2 | | | | | |
3 | | | | | |
4 | | | | | |
| | | | | |
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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