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On January 1, 2018, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Round all computations to the nearest dollar. 1. Straight line 2. Sum-of-the-years -digits 3. Double-declining balance 4. Units of production using miles driven as a measure of output, and the following actual mileage: Year __________________________Miles 2018 ................................. 22,000 2019 ................................. 24,000 2020 ................................. 15,000 2021 ................................. 20,000 2022 ................................. 21,000
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