Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1- a truck costs $320,000 and is expected to be dr

1- A truck costs $320,000 and is expected to be driven 110,000 during its 5...

60.1K

Verified Solution

Question

Accounting

1- A truck costs $320,000 and is expected to be driven 110,000 during its 5 year life. Residual value is expected to be zero. If the truck is driven 30,000 miles in the first year, how much depreciation will be recorded under the units of production method at the end of the first year?

a. 30,300

b. 87,273

c.90,732

d.89,250

2- On 1/1/24 SMJ Inc purchased a machine for $320,000. Management expects to use the machine for 30,000 hours over the next 6 years. Residual value of the machine at the end of year 6 is $41,000. The machine was used for 4,200 hours in 2024 and 5,400 hours in 2025. What is the depreciation expense in 2024 if the company uses the units of production method of depreciation?

a. 30,300

b. 42,095

c.40,250

d.39,060

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Broussard Skateboard's sales are expected to increase by 20% from $8.0 million in 2018 to $9.60...

Finance
Q

Discribe in 300. words systems like RSA; authentication in public-key systems uses digital signature it...

Advance Math
Q

In a population of cats, the gene for spotted fur has two alleles. The dominant...

Biology
Q

1 Which ONE of the following is NOT associated with Marx s thinking a Collective...

Biology
Q

Write the equation of the tangent line to the curve at the indicated point As...

Basic Math
Q

The equation of motion of a particle is s= t - 27t, where s is...

Calculus
Q

B Find angle C in degrees Round to the nearest tenth C a C b...

Algebra
Q

The manager of a profit center is responsible for which of the following? (i) Revenues...

Accounting
Q

EXERCISE 6-1 Variable and Absorption Costing Unit Product Costs LO6-1 Ida Sidha Karya Company is...

Accounting
Q

Bau Long-Haul, Inc., is considering the purchase of a tractor-trailer that would cost $290,360, would...

Accounting
Q

pls help me with this q that i did not pass it. ...

Accounting
Q

Canadian Dollar U.S. Dollar. The Canadian dollar's value against the US dolar has seen some...

Finance