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Question
Prior to adjustment at the end of the year, the balance in trucks is $225,900 and the balance is accumulated depreciation- trucks is $87,010. Details of the subsidiary ledger are as follows:
truck No
cost
estimated residual value
estimated useful life
estimated depreciation at beginning of year
Miles operated during year
1
75,000
12,000
150,000 mile
19,110
36,000 miles
2
72,900
9,900
300,000
59,850
18,000
3
38,000
3,000
200,000
8,050
36,000
4
40,000
4,000
120,000
16,000
(A) Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the mile operated during the current year.
(B) Journalize the entry to record depreciation for the year.
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