Reference no: EM132354260
Question
Fixed Assets and Depreciation
In recent years, Kevin 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 summarized as follows.
Bus Acquired Cost Salvage Value Useful Iife in Years Depreciation Method
1 1/1/17 $96,000 6,000 5 Straight-line
2 1/1/17 $110,000 10,000 4 Declining
3 1/1/18 $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 2018, 24,000; 2019, 34,000; and 2020, 30,000.
Instructions
Compute the amount of accumulated depreciation on each bus at December 31, 2019.
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