On January 3, 2014, XYZ Corporation bought a truck for $34,000. The truck's useful life was estimated at 60,000 kilometres with a $10,000 trade-in value. Calculate annual depreciation under the units-of-production method and complete the following schedule, assuming that the actual kilometres driven in each year were as shown in the schedule. Round all final amounts to the nearest dollar. For simplicity, assume the truck is depreciated as an individual item and will not be broken down into its parts and depreciated.
Actual Dep Accum. Book Value
Year Kilometres Expense Dep. Dec. 31
2014 19,000
2015 13,000
2016 22,000
2017 12,000