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Q: Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. 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 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012.
A: Neco has not yet posted the date on when it will be out. keep vissiting weegy for updates.
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User: Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. 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 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012.

Weegy: Neco has not yet posted the date on when it will be out. keep vissiting weegy for updates.
sipichapie|Points 4552|

User: Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. 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 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012. A. Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining balance method. B. Assume that Brainiac uses the stright-line method. 1. Prepare the journal entry to record the record 2011 depreciation. 2. Show how the truck would be reported in the December 31, 2011, balance sheet.

Weegy: Straight-line depreciation The depreciation rate is (1 / 8) x 100 = 12.5% per year 2008 Depreciation: ($30,000 - $2,000) x 12.5% = $3,500 2009 Depreciation is the same as 2008: $3,500 Units-of-Activity Depreciation The depreciation rate is [ ($30,000 - $2,000) / 100,000 miles = $0.28 per mile 2008 Depreciation: 15,000 miles x $0.28 per mile = $4,200 2009 Depreciation: 12,000 miles x $0.28 per mile = $3,360 Double-Declining Balance Depreciation The depreciation rate is (1 / 8) x 200% = 25% 2008 Depreciation: $30,000 x 25% = $7,500 2009 Depreciation: $22,500 x 25% = $5,625 [$22,500 is $30,000 - $7,500] Debit Depreciation Expense $3,500 Credit Accumulated Depreciation $3,500 To record 2008 Depreciation of Delivery Truck Brainiac Company Partial Balance Sheet December 31,2008 Assets Property, Plant and Equipment Delivery Truck $30,000 Less Accumulated Depreciation ($3,500) Book Value $26,500 ]
jher000|Points 7625|

User: Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.

Weegy: The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29433. Payments are due June 30 and December 31
roisRie|Points 230|

User: Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31. A. Prepare an installment payments schedule for the first 2 years. B. Prepare the entries for (1) the loan and (2) the first two installments payments. C. show how the total mortgage liability should be reported on the balance sheet at December.

Weegy: The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29433. Payments are due June 30 and December 31
roisRie|Points 230|

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Asked 8/31/2012 11:16:11 AM
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