5. Depreciation. (5 points) Show calculations necessary to record the depreciation: Jack's Moving Company has...
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5. Depreciation. (5 points) Show calculations necessary to record the depreciation: Jack's Moving Company has purchased a moving van January 1, 2021. The van cost $22,000 plus $1,500 sales tax. Its estimated salvage value is $3,500. Management estimates the van will last 8 years or 100,000 miles. A. Record the depreciation journal entry using the Straight-Line method of depreciation: Show calculation. Account Debit Credit B. Record the depreciation journal entry using the Units of Activity method when management estimates the van will be driven 30,000 miles in its first year of service: Show calculation. Account Debit Credit
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