Greyhound Ltd purchased a new bus for $280,000. The company expects the bus to be used for trips between Sydney and Melbourne for 8 years, or 400,000 miles, with an estimated residual value of $40,000 at the end of that time. During the third (3rd) year, the bus was driven 60,000 miles. Required: Calculate the depreciation expense for the 3rd year using each of the depreciation methods: a), b) and c) stated below. (Show ALL of your workings and calculations)

a) Straight-line

b) Diminishing balance at 20% p.a.

c) Units-of-activity