SDP Corp. purchased a tractor on January 1, 2021, for $65,000. The tractor's useful life is estimated to be 30,000 miles with an expected residual value of $5,000. If the company used the tractor 5,000 miles in 2021 and 3,000 miles in 2022, what is the balance for accumulated depreciation at the end of 2022 using the activity-based method

Accumulated depreciation= $16,000

Explanation:

Giving the following information:

Purchase price= $65,000

Useful life= 30,000 miles

Residual value= $5,000

2021= 5,000 miles

2022= 3,000 miles

To calculate the depreciation expense, we need to use the following formula:

Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles operated

2021:

Annual depreciation= [(60,000/30,000)*5,000]

Annual depreciation= $10,000

2022:

Annual depreciation= 2*3,000= $6,000

Now, the accumulated depreciation:

Accumulated depreciation= 10,000 + 6,000= $16,000

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