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Question - Tucker Corporation purchased a delivery van on March 18th, 2021. Assume this van was the company's only capital asset and that the company uses the half-year rule in the year of acquisition and disposal for straight-line and double-declining balance depreciation methods. The following information is available.
Cost/ 30000,
Estimated useful life/ 5 years of 200,000 kms
Residual value/ $12000
The van was driven 20,000 km in 2021.
Required -
1. Calculate the depreciation for 2021 under each of the following methods:
a. Usage
b. Straight-line
c. Double-declining balance
2. Make a table and compare the depreciation expense and carrying amount for 2021.
3. If one of management's objectives is to maximize 2021 net income, what method should be adopted?
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