Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1, 2023, sweet acacia's greenhouse purchas

On July 1, 2023, Sweet Acacia's Greenhouse purchased a new delivery truck for $89,000. She...

80.2K

Verified Solution

Question

Accounting

image
image
image
On July 1, 2023, Sweet Acacia's Greenhouse purchased a new delivery truck for $89,000. She paid $20,000 cash and signed a procnissory note for the remainder. Sweet Acacia estimates that the delivery truck will have a five year useful life, or 160,000 kilometres and a residual value of \$9,000. Sweet Acacia's Greenhouse has a December 31 year end. Sweet Acacia drove the truck 13,000km in 2023;36,000km in 2024;37,000 in 2025; 35,000 in 2026 , and 40,000 in 2027. (a) Prepare a depreciation schedule for the life of the asset under each of the following methods: 1 straight-line method 2. double diminishing balance, and 3. vnies-of-production method (Round depreclable amount per unit to 2 decimal places, es. 5.27 and the final answers to 0 decimaf places, es. 5.276 . The depreciation rate in the table below is the rute priar to any required pro-rotian) rate in the table below is the rate prior to any required pro-ration. 1. STRAIGHT-LINE METHOD 2. DOUBLE DIMINISHING-BALANCE METHOD 2. DOUBLE DIMINISHING-BALANCE METHOD 3. UNITS-OF-PRODUCTIONMETHOD

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