Question

In: Accounting

space, and insert the amounts in the appropriate columns. For amounts entered in the Other Accounts...

space, and insert the amounts in the appropriate columns. For amounts entered in the Other Accounts column, also indicate the account titles.

Item Land Buildings Other Accounts

P10.2A (LO 2) In recent years, Avery Transportation purchased three used buses. Because of fre- quent 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 summarized as follows.

Totals

Land $172,500 Buildings $735,000

Compute depreciation under different methods.

Bus

1 2 3

Acquired

1/1/18 1/1/18 1/1/19

Cost

$ 96,000 110,000 92,000

Salvage Value

$ 6,000 10,000 8,000

Useful Life in Years

5 4 5

Depreciation Method

Straight-line Declining-balance Units-of-activity

Problems: Set A

10-39

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.

Instructions

a. Compute the amount of accumulated depreciation on each bus at December 31, 2020.

b. 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?

Expert Solution

ekkarill92 answered 1 year ago

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