Reference no: EM132532813
In the recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is shown as follows.
Bus Acquired Cost Salvage Value Useful life in years Depreciation method
1 1/1/18 $96,000 $6,000 5 Straight-line
2 1/1/18 $110,000 $10,000 4 Declining-balances
3 1/1/19 $92,000 $8,000 5 Units-of-activity
For the declining balance method the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 120,000. Actual miles of use in the first 3 years were 2019, 24,000 ; 2020, 34,000; and 2021, 30,000
Question 1: Compute the mount of accumulated depreciation on each bus at December 31, 2020
Question 2: If Bus 2 was purchased on April 1 instead of January 1, what is the depreciation expense for this bus in (1) 2018 and (2) 2019?
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