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Question - JP Investments is thinking of buying a van that will be used only for business. The cost of the van is estimated at $36,500. JP Investments would spend an additional $2,500 to have the van painted. In addition, she wants the backseat of the van removed so that she will have lots of room to transport her mixer inventory as well as her baking supplies. The cost of taking out the back seat and installing shelving units is estimated at $1,500. She expects the van to last about 5 years. The annual cost of vehicle insurance will be $2,400. JP Investments estimates that at the end of the 5-year useful life the van will sell for $7,500. Assume that she will buy the van on August 15, 2020, and it will be ready for use on September 1, 2020.
JP Investments is concerned about the impact of the van's cost on her income statement and balance sheet. She has come to you for advice on calculating the van's depreciation.
Required -
a. Determine the cost of the van.
b. Prepare depreciation schedules for the first 3 years using the following methods:1) straight-line depreciation 2) double-declining balance depreciation.
c. What is the accumulated depreciation figure JP Investments will record in the Statement of financial position in the 3rd year under the straight-line and double declining methods?
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