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Novak Corp. purchased a delivery truck for $35,600 on January 1, 2020. The truck has an expected salvage value of $1,600, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 16,100 in 2020 and 11,700 in 2021.
Problem 1: 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.
Problem 2: Assume that Novak uses the straight-line method. Prepare the journal entry to record 2020 depreciation
Problem 3: Assume that Novak uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet.
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