Question: Pharoah uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 294,700 km over its life. Taxi 10

Pharoah uses the units-of-production method to calculate depreciation on its taxicabs.

Pharoah uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 294,700 km over its life. Taxi 10 was purchased on March 1, 2020, for $30,000 and is expected to have a residual value of $530. Taxi 10 was driven 114,630 km in 2020 and 114,290 km in 2021. Pharoah has a December 31 year end. Calculate the depreciation expense on Taxi 10 for 2020 and 2021 Year Depreciation expense 2020 $ 2021 $

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