On January 1, 2020, Snitchy Company purchased a tractor-trailer rig for $188,000.
The vehicle is expected to have a 8-year useful life, and a salvage value of $28,000 at the end of its useful life.
In mileage, the rig has an expected life of 352,000 miles.
The rig was driven 44,500 miles in 2020 and 41,840 miles in 2021.
Using the above data, determine depreciation expense for the years 2020 and 2021 under each of the following methods: (6 answers in all)
a) Straight-Line
b) Units-of-Production
c) Declining balance at twice the straight-line rate (Double-Declining Balance)
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