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Category > Accounting Posted 04 Aug 2017 My Price 9.00

units-of-production method

EX 10-11 Depreciation by units-of-production method

Prior to adjustment at the end of the year, the balance in Trucks is $275,900 and the balance in Accumulated Depreciation—Trucks is $91,350. Details of the subsidiary ledger are as follows:

 

Truck
No.

Cost

Estimated
Residual
Value

Estimated
Useful
Life

Accumulated
Depreciation
at Beginning
of Year

Miles
Operated
During
Year

1

$75,000

$15,000

200,000 miles

—

19,500 miles

2

38,000

3,000

200,000

$ 8,050

36,000

3

72,900

9,900

300,000

60,900

25,000

4

90,000

20,000

250,000

22,400

26,000

 

a. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year.

b. Journalize the entry to record depreciation for the year.

Answers

Maurice Tutor
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Status NEW Posted 04 Aug 2017 08:08 PM My Price 9.00

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