Question: Units-of-Production Method A light truck is purchased on January 1 at a cost of $25,100. It is expected to serve for eight years and have

Units-of-Production Method

A light truck is purchased on January 1 at a cost of $25,100. It is expected to serve for eight years and have a salvage value of $3,000. It is expected to be used for 96,000 miles over its eight-year useful life. Using the units-of-production method, calculate the depreciation expense for the first and third years of use if the truck is driven 20,000 miles in year 1 and 18,000 miles in year 3. Round interim calculations to two decimal places.

	Depreciation Expense
Year 1	$
Year 3	$

So for year 1 I got $4604.27 but it said it was incorrect and for year 3 I got $4143.75 and it also said it was wrong. Please help me solve this.

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