Lorena company purchased a van at a total cost of 55000 at

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Reference no: EM13578333

1. Record the following journal entries.

10/1 Sold $5,000 of tables on account the terms of payment are 1/15n30

10/5 Customer returned $1,000 of tables

10/14 Customer paid $3,000 of the balance due on the account

10/30 Customer paid the remaining balance due on the account

2. Lorena Company purchased a van at a total cost of $55,000. At the end of its useful life of 5 years, the van should have a salvage value of $5,000. The van is expected to be driven 100,000 miles over this time period as follows: year 1 25,000 miles, year 2 30,000 miles, year 3 20,000 miles, year 4 15,000 miles, and year 5 10,000 miles. Prepare a schedule showing the depreciation expense and year-end carrying value of the van for each of the next two years under each of the following methods of depreciation:

A.Straight Line

B.Units-of-Production

C.Double-declining-balance

Reference no: EM13578333

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