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To replace the vehicle sold, a new one is purchased for $44,000 and is paid for using $4,000 of cash and a $40,000 loan. Management estimates the residual value of the vehicle will be $4,000 and will last for 10 years or 400,000 kms. They are considering the three options available for depreciation and trying to select one - if they did use the double declining balance, they would use a rate of 30% per year.
Problem A) Calculate the amortization for the first two years under each of the options. Assume it was purchased at the start of the fiscal year. Kilometers drivin in year one were 44,000 and 35,000 in year two.
Problem B) Management wants to minimize taxes and as a result asks you to recommend the option that provides the most expense over the first two years. They would also like to know which option would most closely match the depreciation expense with the delivery income earned?
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