Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Current Attempt in ProgressCullumber Arrow Ltd. purchased a new bus on October 1, 2024, at a total cost of $159,585. Management is considering the merits ofusing the diminishing-balance or units-of-production methods of depreciation instead of the straight-line method, which it currentlyuses for its other buses. The new bus has an estimated residual value of $16,000, and an estimated useful life of either four years or305,500 km. Use of the bus will be sporadic so it could be much higher in some years than in others. Assume the new bus is driven asfollows: 7,900 km in 2024; 100,400 km in 2025; 64,500 km in 2026: 95,700 km in 2027; and 37,000 km in 2028, Cullumber Arrow hasa October 31 year end.(a)Prepare separate depreciation schedules for the life of the bus using: (Round depreciation per unit to 2 decimal placet, eg. 5.28 andfinal answers to 0 decimal places, eg. 5,275.) (3) Units-of-production method:Year Units-of-Production20242025202620272028eTextbook and Media$DepreciationExpense$AccumulatedDepreciationCarryingAmount

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Current Attempt in ProgressCullumber Arrow Ltd. purchased a new bus on October 1, 2024,

DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Answered: (3) Units-of-production method: Year…

Business

Accounting

(3) Units-of-production method: Year Units-of-Production 2024 2025 2026 2027 2028 eTextbook and Medial $ Depreciation Expense $ Accumulated Depreciation Carrying Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Current Attempt in Progress
Cullumber Arrow Ltd. purchased a new bus on October 1, 2024, at a total cost of $159,585. Management is considering the merits of
using the diminishing-balance or units-of-production methods of depreciation instead of the straight-line method, which it currently
uses for its other buses. The new bus has an estimated residual value of $16,000, and an estimated useful life of either four years or
305,500 km. Use of the bus will be sporadic so it could be much higher in some years than in others. Assume the new bus is driven as
follows: 7,900 km in 2024; 100,400 km in 2025; 64,500 km in 2026: 95,700 km in 2027; and 37,000 km in 2028, Cullumber Arrow has
a October 31 year end.
(a)
Prepare separate depreciation schedules for the life of the bus using: (Round depreciation per unit to 2 decimal placet, eg. 5.28 and
final answers to 0 decimal places, eg. 5,275.)

(3) Units-of-production method:
Year Units-of-Production
2024
2025
2026
2027
2028
eTextbook and Media
$
Depreciation
Expense
$
Accumulated
Depreciation
Carrying
Amount

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