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Penny Corp. purchased a new car on March 1, 2018 for $25,000. The estimated useful...

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Accounting

image Penny Corp. purchased a new car on March 1, 2018 for $25,000. The estimated useful life of the car was five years or 400,000 miles. Estimated salvage value was $5,000. The car was driven 120,000 miles. in 2018 and 150,000 miles. in 2019. Required: Calculate the depreciation for 2018 and 2019 using 1. The straight-line method 2. Unit of production (Activity) 3. Prepare the depreciation journal entry at December 31, 2018 under the unit of production method

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