Reference no: EM133029061
Question -
Part 1 - On January 1, 2022, Muzzy Company purchased a tractor-trailer for $102,000. The vehicle is expected to have a 8-year useful life, and a value of $14,000 at the end of its useful life. In mileage, the truck has an expected life of 400,000 miles. The rig was driven 47,900 miles in 2022 and 51,600 miles in 2023.
Using the above data, determine depreciation expense for the years 2022 and 2023 under each of the following methods:
a) Straight-Line
b) Units-of-Production
c) Declining balance at twice the straight-line rate (Double-Declining Balance).
Part 2 - Using the data from Part 1, above, assume all information is the same except that the purchase was made on July 1, 2022, for the calendar-year company. Again, calculate depreciation expense for the years 2022 and 2023 under all three methods.
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