Cullumber Company purchased a delivery truck for $48,000 on July 1, 2022. The truck has an expected salvage value of $10,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Cullumber uses the straight-line method of depreciation. Prepare the journal entry to record 2022 depreciation.

Cullumber Company depreciation for the year 2022 = $2,375

                                             Journal Entry for 2022

                                                                             Dr               Cr

                   Depreciation expenses                  $2,375

                   Accumulated Depreciation                              $2,375

Explanation:

annual depreciation on straight line =   Cost   - slavage value

                                                                              life span

                                                            = ( $48,000 - $10,000)/ 8

                                                           =    $38,000/8  =  $4,750

but the company purchase the asset on July 1 , therefore half year depreciation will be charged =  ( 6 * $4,750) / 12  = $2,375

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it

answer; ///blank(1); rate-buster; blank(2) systematic soldiering;