Credit Company purchased a delivery van on January 1, 2011, for $45,000. The equipment was expected to remain in service 4 years (or 100,000 miles) and has a residual value of $5,000. The van traveled 30,000 miles the first year, 25,000 miles the second year, and 22,500 miles in the third and fourth year.
Prepare a schedule of depreciation expense per year for the four years of the asset's life using the (a) straight-line method (b) units-of-production method and (c) double declining balance method.

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The Answer of Credit Company purchased a delivery van on January 1, 2011, for $45,000. The equipment was expected to remain in service 4 years (or 100,000 miles) and has a residual value of $5,000. The van traveled 30,000 miles the first year, 25,000 miles the second year, and 22,500 miles in the third and fourth year.
Prepare a schedule of depreciation expense per year for the four years of the asset's life using the (a) straight-line method (b) units-of-production method and (c) double declining balance method.

Credit Company Purchased a Delivery Van on January 1, 2011