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At the beginning of the year, Oceanliner purchased a used ship for $43 million. Oceanliner expects the ship to remain useful for five years (4 000 000 kilometres) with a residual value of $7 million. Oceanliner expects the ship to sail 1 400 000 kilometres in the first year. Oceanliner is deciding which depreciation method to use for a better accounting profit.
Required:
Question 1: Calculate the first year depreciation for the ship using the three depreciation methods - straight-line, units of production and reducing balance based on 2 times the straight-line rate.
Question 2: Show the ship's carrying amount at the end of the first year under each depreciation method.
Question 3: Which depreciation method offers a greater tax advantage for the first year? Describe the nature of the tax advantage.
Question 4: Using the reducing balance method, how much extra depreciation is Oceanliner able to deduct in the first year compared with the straight-line method?
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