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Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper...

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Accounting

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Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $790,000 cash. The expected residual value of the truck is $80,000 and the expected useful life is 10 years. The company estimates that the truck will be used to drive 1,000,000 miles over its useful life (110,000 miles in 2020; 80,000 miles in 2021 & all subsquent years). For the units-of-activity method, round the depreciaiton-per-unit to two decimal places before using it. PART A - STRAIGHT LINE DEPRECIATION Income Statement Year Ended 12/31/2020 Year Ended 12/31/2021 Depreciation Expense Balance Sheet As of 12/31/2020 As of 12/31/2021 Accumulated Depreciation Year Ended 12/31/2021 PART B - UNITS-OF-ACTIVITY DEPRECIATION Income Statement Year Ended 12/31/2020 Depreciation Expense Balance Sheet As of 12/31/2020 Accumulated Depreciation As of 12/31/2021 Year Ended 12/31/2021 PART C - DOUBLE-DECLINING BALANCE DEPRECIATION Income Statement Year Ended 12/31/2020 Depreciation Expense Balance Sheet As of 12/31/2020 Accumulated Depreciation As of 12/31/2021

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