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Required information Exercise 7-11(Algo) Determine depreciation under three methods (LO7-4) [The following...

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Accounting

Required information
Exercise 7-11(Algo) Determine depreciation under three methods (LO7-4)
[The following information applies to the questions displayed below.]
On January 1, Speedy Delivery Company purchases a delivery van for $32,000. Speedy estimates that at the end of its
four-year service life, the van will be worth $6,000. During the four-year period, the company expects to drive the van
130,000 miles.
Actual miles driven each year were 35,000 miles in year 1 and 38,000 miles in year 2.
Required:
Calculate annual depreciation for the first two years using each of the following methods. (Do not round your
intermediate calculations.)
Exercise 7-11(Algo) Part 1
Straight-line.
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