6/3/23, 1:56 PMNWP Assessment Player UI Application
AC116 Unit 3 Lab Learning Activity
Question 1 of 2
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Flounder Company purchased a delivery truck for $33,000 on January 1, 2022. The truck has an expected salvage value of $2,000,
and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 13,800 in 2022
and 10,200 in 2023.
(a1)
Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)
Depreciation expense
$
per mile
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(a2)
Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the
double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal
places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.)
Depreciation Expense
2022
2023
(1)
Straight-line method
$
$
(2)
Units-of-activity method
$
$
(3)
Declining-balance method
$
$
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(b1)
Assume that Flounder uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (List all debit entries
before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select “No Entry” for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
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(b2)
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6/3/23, 1:56 PM
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Assume that Flounder uses the straight-line method. Show how the truck would be reported in the December 31, 2022, balance
AC116 Unit 3 Lab Learning Activity
sheet.
Question 1 of 2
FLOUNDER COMPANY
Partial Balance Sheet
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$
:
$
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6/3/23, 2:14 PM
NWP Assessment Player UI Application
AC116 Unit 3 Lab Learning Activity
Question 2 of 2
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Terry Wade, the new controller of Marigold Company, has reviewed the expected usefullives and salvage values of selected
depreciable assets at the beginning of 2022. Here are his findings:
Useful life
(in Years)
Accumulated
Depreciation
Date
Type of Asset
Acquired
Cost
Building
Jan. 1, 2016
Warehouse
Jan. 1, 2017
Salvage Value
Jan. 1, 2022
Old
Proposed
Old
Proposed
$816,000
$116,100
40
115,000
22,040
25
50
$42,000
$57,500
20
4,800
26,960
All assets are depreciated by the straight-line method. Marigold Company uses a calendar year in preparing annual adjusting entries
and financial statements. After discussion, management has agreed to accept Terry’s proposed changes. (The “Proposed” useful life is
total life, not remaining life.)
(a)
Compute the revised annual depreciation on each asset in 2022.
Building
Revised annual depreciation
$
Warehouse
$
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