Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Unit 3 Assignment Q9.a1-b a1&a2 b In recent years. Sarasota Transportation purchased three used ees. Because of frequent turnover in the accounting department different accountant

Unit 3 Assignment
Q9.a1-b
a1&a2 image text in transcribed
b
image text in transcribed
In recent years. Sarasota Transportation purchased three used ees. Because of frequent turnover in the accounting department different accountant was in charge of selecting the depreciation method for each bus and various methods have been used Information concerning the buses is summarised in the table below. Salvage Useful Life Depreciation Bus Acquired Cost Value in Years Method Jan 1, 2020 $ 99,300 $7.500 Straight-line 2 Jan 1, 2020 126,000 11.500 Declining balance 3 Jan. 1.2021 91.100 8.500 Units-of-activity 1 4 4 4 For the declining balance method, the company uses the double-decliningrate. For the units of activity method total miles are expected to be 118,000. Actual miles of use in the first 3 years were 2021. 27.000 2022, 34.500, and 2023, 32,500 (21) For Bus #3. calculate depreciation expense per mile under units-of-activity method. Round answer to 2 decimal places.es. 0.50) Depreciation expense s per mile eTextbook and Media Save for Later Attempts of 5 used suht Anwer ta2 Compute the amount of accumulated depreciation on each bus at December 31, 2022 Accumulated depreciation BUS1 $ $ BUS2 $ BUS 3 5 eTextbook and Media Attempts: 0 of 5 used Submit Answer Savetor (b) If Bus 2 was purchased on April 1 instead of January 1, what is the depreciation expense for this bus in (1) 2020 and (2) 2021? (1) 2020 (2) 2024 Depreciation expense S eTextbook and Media Save for Later Attempts: 0 of 5 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Accounting Made Simple For Beginners

Authors: Robert Briggs

1st Edition

1761032739, 978-1761032738

More Books

Students also viewed these Accounting questions