Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1- a truck costs $320,000 and is expected to be dr

1- A truck costs $320,000 and is expected to be driven 110,000 during its 5...

60.1K

Verified Solution

Question

Accounting

1- A truck costs $320,000 and is expected to be driven 110,000 during its 5 year life. Residual value is expected to be zero. If the truck is driven 30,000 miles in the first year, how much depreciation will be recorded under the units of production method at the end of the first year?

a. 30,300

b. 87,273

c.90,732

d.89,250

2- On 1/1/24 SMJ Inc purchased a machine for $320,000. Management expects to use the machine for 30,000 hours over the next 6 years. Residual value of the machine at the end of year 6 is $41,000. The machine was used for 4,200 hours in 2024 and 5,400 hours in 2025. What is the depreciation expense in 2024 if the company uses the units of production method of depreciation?

a. 30,300

b. 42,095

c.40,250

d.39,060

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A veterinary technician was bitten by a neurological horse while assisting the veterinarian on a farm...

Medical Sciences
Q

For astronomy class, please answer this question comprehensively thank you. We have detected a sudden minor increase...

Physics
Q

a. Seek power series solutions of the given differential equation about the given point x0; find...

Advance Math
Q

What are the types of the problem solving activities that belong to project execution phase? How...

General Management
Q

7 Photosynthesis explain the products and reactants of photosynthesis a What factors limit the rate...

Biology
Q

Assume that human body temperatures are normally distributed with a mean of 98 21 F...

Statistics
Q

1 T Students Faculty Administrators TOTAL 8 Importance of Interacting With People via Social Media...

Algebra
Q

De Luna Bhd is a major retailer of branded cars in Peninsular Malaysia. The comparative...

Accounting
Q

1. Prepare the cash flows from operating activities section...

Accounting
Q

Im not sure how to even start this porblem! ...

Accounting
Q

Problems 6.1 Financial statement detective exercise Exhibit 6.3 shows common-size balance sheets and income statements...

Accounting
Q

and trade 7.000 tonn ing 15 25 2 L31 3 72 73 ALL Dute crocus...

Accounting