Speedy Delivery Company purchases a delivery van for $37,600. Speedy estimates that at the end...
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Accounting
Speedy Delivery Company purchases a delivery van for $37,600. Speedy estimates that at the end of its four-year service life, the van will be worth $5,800. During the four-year period, the company expects to drive the van 159,000 miles.
Actual miles driven each year were 42,000 miles in year 1 and 45,000 miles in year 2.
Required:
Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.)
1. Straight-line.
year annual depreciation
1
2
2. Double-declining-balance.
year annual depreciation
1
2
3. Activity-based.
year annual depreciation
1
2
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