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Determine what is the book value of the machine at the end

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Norman Delivery Company purchased a new delivery truck on April 1, 2019. Norman computes depreciation expense to the nearest whole month.

Truck purchasing cost $37,000 Truck's expected service life, years 5 Truck's expected service life, miles 170,000

Truck's residual value $3,000

Miles driven in 2019 10,000

Miles driven in 2020 16,000

REQUIRED:

Question 1. Compute depreciation expense for 2019 and 2020 using the following methods:

a.Straight-line method

b.Sum-of-the-years'-digits method

c.Double-declining-balance method

d. Activity method

Question 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020?

Reference no: EM132698495

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