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BB8 Productions Limited bought a delivery van for \$48,000 on January 1, 2018. It has an estimated life of five years, or 120,000km. Its residual...
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Question

# BB8 Productions Limited bought a delivery van for \$48,000 on January

1, 2018. It has an estimated life of five years, or 120,000km. Its residual value is estimated to be \$6,000.
Required: Calculate depreciation expense for 2018 &amp; 2019 under the following methods:
A. Straight-line
B. Double diminishing balance
C. Units of production, assuming the van was driven 20,000 km in 2018 and 25,000 km in 2019.
D. Assume BB8 uses the straight-line method &amp; sold the van for \$30,000 on January 1, 2020. Record the journal entry to record the sale of the delivery van.

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