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How do compute depreciation expense

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Concord Company purchased a delivery truck for $26,000 on January 1, 2020. The truck has an expected salvage value of $1,160, and is expected to be driven 108,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,800 in 2020 and 15,000 in 2021.

Question 1. How do Calculate depreciation expense per mile under units-of-activity method. Depreciation expense $ per mile?

Question 2. How do Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method.?

Question 3. How do Assume that Concord uses the straight-line method. Prepare the journal entry to record 2020 depreciation. ?

Question 4. How do Assume that Concord uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet.?

Reference no: EM132473332

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