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What will the Depreciation Expense be for the second year

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Q1. Lawn & Order, Inc., purchased a truck on January 1, Year 1, at a cost of $87,000. The truck has an estimated useful life of 5 years or 107,000 miles. The estimated salvage value is $14,000. In Year 1, the truck was driven 16,000 miles. In Year 2, the truck was driven 20,000 miles. Accumulated Depreciation on the balance sheet using straight-line depreciation at December 31, Year 2, after two years of use, is (rounded to the nearest dollar) ______.

Q2. French Confection, Inc., bought machinery at a cost of $54,000 at the beginning of Year 1. If its salvage value is $6,000 and its useful life is 10 years, what will the Depreciation Expense be for the second year if the straight-line method is used?

Reference no: EM132565960

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