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Question - On 1st November 20X4 Pasture Manufacturing Ltd purchased a Kenworth Freight truck which gave rise to the following general journal entry (narration deleted).
Date
DR
CR
20X4
Truck
880,000
Nov 1
Cash at Bank
130,000
Loan Payable
750,000
Additional information:
Useful life of the Truck is 8 years or 8,000,000 kilometres. Straight line depreciation rate = 12.5%pa and reducing balance depreciation rate = 22.05%pa.
Residual value is $120,000
The estimated kilometres to be travelled in the first five financial years are:
Financial Year ending 30th June
Number of estimated units
20X5
580,000
20X6
20X7
800,000
20X8
795,000
20X9
670,000
Required -
a) Complete the depreciation schedules below for the Kenworth freight truck for both of the units of production and reducing balance methods for the years ended 30th June 20X5, 20X6 and 20X7.
b) In addition to the units of production and the reducing balance methods of depreciation there is also the straight line method. Describe what the effects of each method are on depreciation expense and how the company decides on which of the three methods to adopt?
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