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Speedy Taxi Service uses the units-of-production method to calculate depreciation on its taxicabs. Each cab...

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Accounting

Speedy Taxi Service uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 325,000 km over its life. Taxi 10 was purchased on March 1, 2020, for $33,000 and is expected to have a residual value of $500. Taxi 10 was driven 105,000 km in 2020 and 125,000 km in 2021. Speedy Taxi Service has a December 31 year end. Calculate the depreciation expense on Taxi 10 for 2020 and 2021

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