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On January 1, 2016, Wasson Company purchased a delivery vehicle costing $55,600. The vehicle has an estimated 8-year life and a $5,000 residual value....
On January 1, 2016, Wasson Company purchased a delivery vehicle costing $55,600. The vehicle has an estimated 8-year life and a $5,000 residual value. Wasson uses the units-of-production depreciation method and Wasson estimates that the vehicle will be driven 110,000 miles. What is the vehicle's book value as of December 31, 2017 assuming Wasson uses the units-of-production depreciation method and the vehicle was driven 11,000 miles during 2016 and 19,000 miles during 2017? (Do not round your intermediate calculations.)
$41,800.
$37,950.
$42,950.
$36,800.