! Required information [The following information applies to the questions displayed below.) On January 1,...
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! Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year 2. Double-declining balance. (Round your answers to the nearest whole dollar amount.) Depreciation Year 2021 2022 2023 2024 2025 Total $ 0 3. Units of production using miles driven as a measure of output, and the following actual mileage: (Do not round intermediate calculations.) Year Depreciation Miles 22,000 2021 2022 24,000 2023 15,000 2024 20.000 2025 21,000 Total $ 0
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