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Find and solve the retained earnings on the december

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Reference no: EM132490930

Three different companies each purchased trucks on January 1, 2018, for $62,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $2,000. All three trucks were driven 80,000 miles in 2018, 55,000 miles in 2019, 51,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $53,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.

Questions:

Question 1: Calculate the retained earnings on the December 31, 2021, balance sheet?

Question 2: Which company will report the highest amount of retained earnings on the December 31, 2021, balance sheet?

Reference no: EM132490930

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