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The Bennington Rescue Squad purchases a new ambulance at a cost of $56,500. It is...

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Accounting

  1. The Bennington Rescue Squad purchases a new ambulance at a cost of $56,500. It is expected to last 6 years and have a salvage value of $8,500. It has a usable life in miles of 240,000. Show a depreciation schedule for the first 3 years only using (a) the straight line method and (b) the units of production method.

Straight-line Method

End of Year

Book Value Beginning of Year

Depreciation

Accumulated Deprecation

Book Value End of Year

1

2

3

Units of Production Method (1 unit of production = 1 mile)

End of Year

Cost of Ambulance

Units produced

Depreciation expense for year

Book Value End of Year

1

15,000

2

23,000

3

32,000

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