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Question - AP Linton Company purchased a delivery truck for $34,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023.
Required - Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method.
Assume that Linton uses the straight-line method.
Prepare the journal entry to record 2022 depreciation expense.
Show how the truck would be reported in the December 31, 2022, balance sheet.
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