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Prepare the journal entry to record depreciation

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Question - Linton Company purchased a delivery truck for $34,000 on January 1, 2017. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2017 and 12,000 in 2018.

(a) Assume that Linton uses the straight-line method.

i) Prepare the journal entry to record 2017 depreciation.

ii) Show how the truck would be reported in the December 31, 2017, balance sheet.

Reference no: EM132948743

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