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On March 31, 2024, Kemp Co. purchased a new vehicle for $25,000. The vehicle had an expected useful life of five years, and an expected
On March 31, 2024, Kemp Co. purchased a new vehicle for $25,000. The vehicle had an expected useful life of five years, and an expected residual value of $5,000. The company expected that in those five years, the vehicle would be driven for 100,000 kilometres based on the following schedule: 202410,000kilometres202520,000kilometres202625,000kilometres202722,000kilometres202818,000kilometres20295,000kilometres Required: Assuming a December 31 fiscal year-end, prepare a depreciation schedule for the life of the asset using: a.) S-I (Straight-line depreciation) b.) UoP (Units-of-production depreciation) c.) DDB (Double-declining-balance depreciation)
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