On March 1, 2021, a vehicle was purchased for $65,000. The vehicle had a salvage value of $4,000 and an estimated useful life of 8 years. Management estimates that the truck will travel 300,000 km over its entire life. Management would like you to calculate depreciation expense using the Units of production depreciation method for 2021 assuming 63,000 km were actually driven between March 1, 2021 and December 31, 2021. (Journal entries are NOT required).
