ACCT 3001 - Spring 2023 Quiz 7: Chapter 10 Name: Answer each of the following questions. Round to nearest dollar when necessary. Show all computations. 1. Fernandez Corporation purchased a truck at the beginning of 2025 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles in 2025 and 31,000 miles in 2026. Compute depreciation expense using the units-of- production method for 2025 and 2026. 2025 Depreciation Expense 3. 2026 Depreciation Expense Use the following information to answer questions 2-5: Lockard Company purchased machinery on January 1, 2025, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. 2. Compute 2026 depreciation expense using the straight-line method. 2026 Depreciation Expense 4. Section #: Compute 2026 depreciation expense using the sum-of-the-years'-digits method. 2026 Depreciation Expense Compute 2026 depreciation expense using the double-declining-balance method. 2026 Depreciation Expense 5. Compute 2026 depreciation expense using the double-declining method assuming the machinery was purchased on September 1, 2025. 2026 Dancociation Exponca

ACCT 3001 - Spring 2023 Name: Section \#: Quiz 7: Chapter 10 Answer each of the following questions. Round to nearest dollar when necessary. Show all computations. 1. Fernandez Corporation purchased a truck at the beginning of 2025 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles in 2025 and 31,000 miles in 2026. Compute depreciation expense using the units-ofproduction method for 2025 and 2026. 2025 Depreciation Expense 2026 Depreciation Expense Use the following information to answer questions 25 : Lockard Company purchased machinery on January 1,2025 , for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. 2. Compute 2026 depreciation expense using the straight-line method. 2026 Depreciation Expense 3. Compute 2026 depreciation expense using the sum-of-the-years -digits method 2026 Depreciation Expense 4. Compute 2026 depreciation expense using the double-declining-balance method. 2026 Depreciation Expense 5. Compute 2026 depreciation expense using the double-declining method assuming the machinery was purchased on September 1, 2025