Accounting deprecation schedule need help from a pro because I'm sure not one?

-Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year.

3 schedules for the 3 methods: straight-line, units-of-production, double decline basis. Asset is a delivery Truck.



Est. Life 鈥︹€︹€︹€? 5

Orig. Cost Basis 24,500.00

Est. Residual Value 2,500.00

Est. total milage 100,000

miles driven, Yr 1 21,400

miles driven, Yr 2 19,700

miles driven, Yr 3 18,900

miles driven, Yr 4 23,400

miles driven, Yr 5 16,600

Part 2:

Assuming the truck is sold at the end of yr. 3, give the gen. journal entry to record the sale (straight-line method)

assume it was sold for:

11,720.00Straight-line

(24,500 - 2,500) / 5 years = 4,400 depreciation per year

Year 1 (4,400) (4,400) (20,100)

Year 2 (4,400) (8,800) (15,700)

Year 3 (4,400) (13,200) (11,300)

Year 4 (4,400) (17,600) (6,900)

Year 5 (4,400) (22,000) (2,500)



Units-of-production

(24,500-2,500) / 100,000 miles = .22 per mile depreciation rate

Year 1 (21,400 x .22 = 4,708) (4,708) (19,792)

Year 2 (19,700 x .22 = 4,334) (9,042) (15,458)

Year 3 (18,900 x .22 = 4,158) (13,200) (11,300)

Year 4 (23,400 x .22 = 5,148) (18,348) (6,152)

Year 5 (16,600 x .22 = 3,652) (22,000) (2,500)



Double Declining Balance

(1 / 5) x 2 = 40% depreciation rate

Year 1 (24,500 x 40% = 9,800) (9,800) (14,700)

Year 2 (14,700 x 40% = 5,880) (15,680) (8,820)

Year 3 (8,820 x 40% = 3,528) (19,208) (5,292)

Year 4 (5,292 x 40% = 2,117) (21,325) (3,175)

Year 5 (Limited by residual value to 675) (22,000) (2,500)



Part 2

Debit Cash 11,720

Debit Accumulated Depreciation - Truck 13,200

Credit Truck 24,500

Credit Gain on Sale of Truck 420