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Sheridan uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected...

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Accounting

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Sheridan uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 336,400km over its life. Taxi 10 was purchased on March 1, 2020, for $34,170 and is expected to have a residual value of $530. Taxi 10 was driven 98,030km in 2020 and 113.290km in 2021. Sheridan has a December 31 year end. Calculate the depreciation expense on Taxi 10 for 2020 and 2021

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