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Calculate depreciation expense under units of production

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Reference no: EM132557922

BB8 Productions Limited bought a delivery van for $48,000 on January 1, 2018. It has an estimated life of five years, or 120,000km. Its residual value is estimated to be $6,000.

Question 1: Calculate depreciation expense for 2018 & 2019 under the following methods:

  1. Straight-line
  2. Double diminishing balance
  3. Units of production, assuming the van was driven 20,000 km in 2018 and 25,000 km in 2019.
  4. Assume BB8 uses the straight-line method & sold the van for $30,000 on January 1, 2020. Record the journal entry to record the sale of the delivery van.

Reference no: EM132557922

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