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Brainiac Company purchased a delivery truckfor $39,220 on January 1, 2008. The truck has an expected salvagevalue of $2,910, and is expected to be driven 102,600 miles overits estimated useful life of 8 years. Actual miles driven were14,510 in 2008 and 11,278 in 2009.

Compute depreciation expense for 2008 and2009 using (1) the straight-line method, (2) the units-of-activitymethod, and (3) the double-declining balance method.

Assume that Brainiac uses the straight-linemethod. (1) Prepare the journal entry to record 2008 depreciation.(2) Show how the truck would be reported in the December 31, 2008,balance sheet.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797530

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