On January 1,2019,a Company Acquired a Truck for $100,000

question 187

Essay

On January 1,2019,a company acquired a truck for $100,000.Residual value was estimated to be $20,000.The truck can be driven for 50,000 miles over the next three years.Actual usage of the truck was recorded as 8,640 miles for the first year.Give the journal entry to record depreciation for the first year calculated as per the units-of-production method.(Do not round your intermediate calculations.)

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Definitions:

Queue 1

Typically refers to the first in a series of waiting lines or sequences where processes or people await their turn for service.

Customer

An individual or entity that purchases goods or services from a business.

Average Time

The mean value of a set of time measurements, often used to assess performance or efficiency.

Work Station 1

A specific area or desk set up for an individual to perform their job tasks, often equipped with necessary tools and technology.