Quiz 4 Name___Jocelyn Noel_______ Student No.

___110036046_______

Fabian Woodworks purchased a truck on Jan. 1, 2017 at a cost of $12,000. The truck has an
estimated residual value of $1,000 and an estimated useful life of 5 years.

(1) Use the straight-line method to calculate depreciation expense for the truck and the book value of
the truck for each year of the useful life.

Year Depreciation Accumulated Book Value

Expense Depreciation
2200 2200 12000
2017 2200 2200 9800
2018 1960 4160 7840
2019 1176 5336 5880
2020 940.8 6276.8 4939.2
2021 799.68 7076.48 4139.52

(1) Use the double-declining method to calculate depreciation expense for the truck and the book
value of the truck for each year of the useful life.

Year Depreciation Accumulated Book Value

Expense Depreciation
2880 2880 12000
2017 2880 2880 9120
2018 2188.8 5068.8 6931.2
2019 1663.49 6732.29 5267.71
2020 1264.25 7996.54 4003.46
2021 960.83 8957.37 3042.63