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Required information The following information applies to the questions displayed below.) On January 1, 2021,...

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Accounting

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Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $87,000. At the end of its five-year service life, it is estimated that the van will be worth $9,000. During the five-year period, the company expects to drive the van 260,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year 2. Double-declining balance. (Round your answers to the nearest whole dollar amount.) Depreciation Year 2021 2022 2023 2024 2025 Total 3. Units of production using miles driven as a measure of output, and the following actual mileage: (Do not round intermediate calculations.) Year Depreciation 2021 2022 2023 2024 2025 Total Miles 32,000 44,000 36,000 30,000 32,000

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