(Solved): help needed On January 1, 2023, Vin Diesel Inc purchases a fleet of six vehicles for \( \$ 50,000 \) ...

On January 1, 2023, Vin Diesel Inc purchases a fleet of six vehicles for \( \$ 50,000 \) each. They pay cash for the purchase. Vehicles have zero salvage value for depreciation calculations. Vin Diesel expects they will be able to use the vehicles to generate revenue for four years. At the end four years they were lucky to sell vehicles for scrap for \( \$ 2,000 \) each. What is the total purchase price of the vehicles? Prepare the journal entry to record the purchase of the vehicles. DR: What is the total salvage value for all six vehicles? What is the useful life in months? What is the monthly depreciation expense that Vin Diesel will record? Prepare the journal entry to record one month's depreciation. DR: What is the Net Book Value of the Vehicles on December \( 31,2023 ? \)