S7-5 (similar to) A Question Help o On January 1, 2017, Best Shipping Transportation Company purchased a used aircraft at a cost of $50,400,000. Best Shipping expects the plane to remain useful for five years (6,500,000 miles) and to have a residual value of $4,400,000. Best Shipping expects to fly the plane 925,000 miles the first year, 1,400,000 miles each year during the second, third, and fourth years, and 1,375,000 miles the last year. Read the requirements. Requirements H-line method, the units-of-production method, and the double-declining for 2018 1. Compute Best Shipping's depreciation for the first two years on the plane using the following methods: a. Straight-line method b. Units-of-production method (round depreciation per mile to the closest cent) c. Double-declining-balance method 2. Show the airplane's book value at the end of the first year under each depreciation method. Print Done 5 parts remaining Clear All Check Answer a. Straight-line method for 2018 Using the straight-line method, depreciation is $ for 2017 and $ b. Units-of-production method (Round the depreciation per unit of output to two decimal places to compute your final answers.) Using the units-of-production method, depreciation is $ for 2017 and $ for 2018 c. Double-declining balance method Using the double-declining-balance method, depreciation is $ for 2017 and $ for 2018 Units-of- Double-Declining- Balance Book Value: Straight-Line Production Less: Book Valu Accumulated depreciation Cost Depreciation expense Residual value S7-10 (similar to) A Question Help o Mackey purchased a used van for use in its business on January 1, 2017. It paid $18,000 for the van. Mackey expects the van to have a useful life of four years, with an estimated residual value of $1,500. Mackey expects to drive the van 15,000 miles during 2017, 22,000 miles during 2018, 14,000 miles in 2019, and 114,000 miles in 2020, for total expected miles of 165,000. Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values.) Straight-line method Requirements Annual Accumulated Depreciation Expense Year Depreciation Book Value Start Using the straight-line method of depreciation, calculate the following amounts for the van for each of the four years of its expected life: a. Depreciation expense b. Accumulated depreciation balance c. Book value 2017 2018 2019 Print Done 2020 Enter any number in the edit fields and then click Check Answer. ? All parts showing Clear All Check Answer S7-11 (similar to) Question Help Lovell purchased a used van for use in its business on January 1, 2017. It paid $18,000 for the van. Lovell expects the van to have a useful life of four years, with an estimated residual value of $1,500. Lovell expects to drive the van 14,000 miles during 2017, 20,000 miles during 2018, 11,000 miles in 2019, and 120,000 miles in 2020, for total expected miles of 165,000. Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values. Use three decimal places for the depreciation cost per mile.) Units-of-production method A Requirements Annual Accumulated Depreciation Expense Year Depreciation Book Value Start 2017 Using the units-of-production method of depreciation (with miles as the production unit), calculate the following amounts for the van for each of the four years of its expected life (do not round here; use three decimal places for the depreciation cost per mile) a. Depreciation expense b. Accumulated depreciation balance c. Book value 2018 2019 2020 Print Done Enter any number in the edit fields and then click Check Answer. All parts showing Clear All Check Answer S7-5 (similar to) A Question Help o On January 1, 2017, Best Shipping Transportation Company purchased a used aircraft at a cost of $50,400,000. Best Shipping expects the plane to remain useful for five years (6,500,000 miles) and to have a residual value of $4,400,000. Best Shipping expects to fly the plane 925,000 miles the first year, 1,400,000 miles each year during the second, third, and fourth years, and 1,375,000 miles the last year. Read the requirements. Requirements H-line method, the units-of-production method, and the double-declining for 2018 1. Compute Best Shipping's depreciation for the first two years on the plane using the following methods: a. Straight-line method b. Units-of-production method (round depreciation per mile to the closest cent) c. Double-declining-balance method 2. Show the airplane's book value at the end of the first year under each depreciation method. Print Done 5 parts remaining Clear All Check Answer a. Straight-line method for 2018 Using the straight-line method, depreciation is $ for 2017 and $ b. Units-of-production method (Round the depreciation per unit of output to two decimal places to compute your final answers.) Using the units-of-production method, depreciation is $ for 2017 and $ for 2018 c. Double-declining balance method Using the double-declining-balance method, depreciation is $ for 2017 and $ for 2018 Units-of- Double-Declining- Balance Book Value: Straight-Line Production Less: Book Valu Accumulated depreciation Cost Depreciation expense Residual value S7-10 (similar to) A Question Help o Mackey purchased a used van for use in its business on January 1, 2017. It paid $18,000 for the van. Mackey expects the van to have a useful life of four years, with an estimated residual value of $1,500. Mackey expects to drive the van 15,000 miles during 2017, 22,000 miles during 2018, 14,000 miles in 2019, and 114,000 miles in 2020, for total expected miles of 165,000. Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values.) Straight-line method Requirements Annual Accumulated Depreciation Expense Year Depreciation Book Value Start Using the straight-line method of depreciation, calculate the following amounts for the van for each of the four years of its expected life: a. Depreciation expense b. Accumulated depreciation balance c. Book value 2017 2018 2019 Print Done 2020 Enter any number in the edit fields and then click Check Answer. ? All parts showing Clear All Check Answer S7-11 (similar to) Question Help Lovell purchased a used van for use in its business on January 1, 2017. It paid $18,000 for the van. Lovell expects the van to have a useful life of four years, with an estimated residual value of $1,500. Lovell expects to drive the van 14,000 miles during 2017, 20,000 miles during 2018, 11,000 miles in 2019, and 120,000 miles in 2020, for total expected miles of 165,000. Read the requirements. (Complete all answer boxes. Enter a "0" for any zero values. Use three decimal places for the depreciation cost per mile.) Units-of-production method A Requirements Annual Accumulated Depreciation Expense Year Depreciation Book Value Start 2017 Using the units-of-production method of depreciation (with miles as the production unit), calculate the following amounts for the van for each of the four years of its expected life (do not round here; use three decimal places for the depreciation cost per mile) a. Depreciation expense b. Accumulated depreciation balance c. Book value 2018 2019 2020 Print Done Enter any number in the edit fields and then click Check Answer. All parts showing Clear All Check