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Accounting

The Schneid Firm purchases a fleet of trucks on January 1, 2010 to haul interstate freight. The cost of the trucks was $1,000,000. The trucks have an estimated life of 20 years, and no resale value. It is estimated that they will be able to accumulate 1,000,000 miles before they need to be replaced. find out the depreciation for these trucks for the 2010 and 2011 years under each of the following depreciation methods. The trucks are expected to accumulate 60,000 and 70,000 miles in years 2010 and 2011 respectively.

a. Straight-line

b. Sum-of-the-Year's Digits

c. Double-Declining Balance

d. Units-of-Production/Activity

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981268

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