Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $790,000 cash. The expected residual value of the truck is $60,000 and the expected useful life is 10 years. The company estimates that the truck will be used to drive 1,000,000 miles over its useful life (120,000 miles in 2020; 90,000 miles in 2021 & all subsquent years).For the units-of-activity method, round the depreciaiton-per-unit to two decimal places before using it. You PART A - STRAIGHT LINE DEPRECIATION Income Statement Depreciation Expense Year Ended 12/31/2020fill in the blank 1 Year Ended 12/31/2021 fill in the blank 2 Balance Sheet Accumulated Depreciation As of 12/31/2020fill in the blank 3 As of 12/31/2021fill in the blank 4 PART B - UNITS-OF-ACTIVITY DEPRECIATION Income Statement Depreciation Expense Year Ended 12/31/2020fill in the blank 5 Year Ended 12/31/2021 fill in the blank 6 Balance Sheet Accumulated Depreciation As of 12/31/2020fill in the blank 7 As of 12/31/2021fill in the blank 8 PART C - DOUBLE-DECLINING BALANCE DEPRECIATION Income Statement Depreciation Expense Year Ended 12/31/2020fill in the blank 9 Year Ended 12/31/2021 fill in the blank 10 Balance Sheet Accumulated Depreciation As of 12/31/2020fill in the blank 11 As of 12/31/2021fill in the blank 12

Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $790,000 cash. The expected residual value of the truck is $60,000 and the expected useful life...

Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $790,000 cash. The expected residual value of the truck is $60,000 and the expected useful life is 10 years. The company estimates that the truck will be used to drive 1,000,000 miles over its useful life (120,000 miles in 2020; 90,000 miles in 2021 & all subsquent years).

For the units-of-activity method, round the depreciaiton-per-unit to two decimal places before using it. You

PART A - STRAIGHT LINE DEPRECIATION

Income Statement Depreciation Expense	Year Ended 12/31/2020 fill in the blank 1	Year Ended 12/31/2021 fill in the blank 2
Balance Sheet Accumulated Depreciation	As of 12/31/2020 fill in the blank 3	As of 12/31/2021 fill in the blank 4

PART B - UNITS-OF-ACTIVITY DEPRECIATION

Income Statement Depreciation Expense	Year Ended 12/31/2020 fill in the blank 5	Year Ended 12/31/2021 fill in the blank 6
Balance Sheet Accumulated Depreciation	As of 12/31/2020 fill in the blank 7	As of 12/31/2021 fill in the blank 8

PART C - DOUBLE-DECLINING BALANCE DEPRECIATION

Income Statement Depreciation Expense	Year Ended 12/31/2020 fill in the blank 9	Year Ended 12/31/2021 fill in the blank 10
Balance Sheet Accumulated Depreciation	As of 12/31/2020 fill in the blank 11	As of 12/31/2021 fill in the blank 12

Jun 02, 2022

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Speed, Inc., is a shipping company. On 1/1/20, the company purchases a new commercial sleeper truck for $790,000 cash. The expected residual value of the truck is $60,000 and the expected useful life...

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