Question 3 (5 points)

Depreciation

A vehicle was purchased on 1 January 2017 for $80 000. The vehicle was estimated to have a useful life of six years and a residual value of $5 000.

Required

c. If the reducing balance (diminishing balance) method had been used in (b) above, at one-and-a-half times the straight-line rate, would your answer be different from (b) above and, if so, what would the gain or loss be?

Question 2 (5 points)

Depreciation

A vehicle was purchased on 1 January 2017 for $80 000. The vehicle was estimated to have a useful life of six years and a residual value of $5 000.

Required

b. If the vehicle was sold two years after it was acquired for an amount of $65 000, would there be a gain or loss? What would that amount be?

Question 1 (5 points) Depreciation A vehicle was purchased on 1 January 2017 for $80 000. The vehicle was estimated to have a useful life of six years and a residual value of $5 000. Required a. What was the amount in accumulated depreciation at 1 January 2020 using the straight-line method? Format BI U - U Question 2 (5 points) Depreciation A vehicle was purchased on 1 January 2017 for $80 000. The vehicle was estimated to have a useful life of six years and a residual value of $5 000. Required b. If the vehicle was sold two years after it was acquired for an amount of $65 000, would there be a gain or loss? What would that amount be? . Format BI U - Question 3 (5 points) Depreciation A vehicle was purchased on 1 January 2017 for $80 000. The vehicle was estimated to have a useful life of six years and a residual value of $5 000. Required c. If the reducing balance (diminishing balance) method had been used in (b) above, at one-and-a-half times the straight-line rate, would your answer be different from (b) above and, if so, what would the gain or loss be? Paragraph BI U