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Prepare the journal entry to record depreciation

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Reference no: EM133041041

Question - Tanger Company purchased a delivery truck for R$36,000 on January 1, 2014. The truck has an expected residual value of R$6,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2014 and 12,000 in 2015.

Required -

(a) Compute depreciation expense for 2014 and 2015 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double -declining-balance method.

(b) Assume that Tanger uses the straight-line method. (1) Prepare the journal entry to record 2014 depreciation. (2) Show how the truck would be reported in the December 31, 2014, statement of financial position.

Reference no: EM133041041

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