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Sheridan Company purchased a delivery truck for $36,000 on July 1, 2022. The truck has an...

Sheridan Company purchased a delivery truck for $36,000 on July 1, 2022. The truck has an expected salvage value of $2,000, 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. Sheridan uses the straight-line method of depreciation. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method $ $

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Answer #1
Straight Line Depreciation
(Cost - Salvage Value) / Useful Life = Annual Depreciation
(36,000 - 2,000) / 8 = $               4,250.00
Year Annual Depreciation x Fraction Year = Depreciation Expense
2022                      4,250.00 x 6/12 = $               2,125.00
2023                      4,250.00 x 12/12 = $               4,250.00
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