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What would be the depreciation expense reported

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Question - On January 1, Year 1, the City Taxi Company purchased a new taxi cab for $54,000. The cab has an expected salvage value of $2,000. The company estimates that the cab will be driven 200,000 miles over its life. It uses the units-of-production method to determine depreciation expense. The cab was driven 63,000 miles the first year and 65,600 the second year. What would be the depreciation expense reported on the Year 2 income statement and the book value of the taxi, respectively, at the end of Year 2?

Reference no: EM133186020

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