(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?(Round answers to 0 decimal places, e.g. 2,125.)(1)(2)20182019Depreciation expense$$ In recent years, Riverbed Transportation purchased three used buses. Because of frequent turnover in the accounting department, adifferent accountant selected the depreciation method for each bus, and various methods were selected. Information concerning thebuses is summarized as follows.SalvageUseful LifeDepreciationBusAcquiredCostValuein YearsMethod11/1/18$ 96,100$7,0004Straight-line21/1/18119,00011,000Declining-balance31/1/1995,0007,500Units-of-activityFor the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles areexpected to be 125,000. Actual miles of use in the first 3 years were 2019, 25,500; 2020, 34,500; and 2021, 30,000.

Name: (b)If Bus 2 was purchased on April 1 instead of January 1, what is th
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Description: (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?(Round answers to 0 decimal places, e.g. 2,125.)(1)(2)20182019Depreciation expense$$ In recent years, Riverbed Transpor

Depreciation is a reduction in value of asset due to wear and tear, technological advancement and…

Business

Accounting

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? (Round answers to O decimal places, e.g. 2,125.) (1) (2) 2018 2019 Depreciation expense 2$ 2$

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? (Round answers to O decimal places, e.g. 2,125.) (1) (2) 2018 2019 Depreciation expense 2$ 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining- balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/2021 year-end financial statements for Company B: Income Statement Depreciation expense $10,000 Balance Sheet Assets: Plant and equipment, at cost Less: Accumulated depreciation Net $ 200,000 (40,000) $ 160,000 You also determine that all of the assets constituting the plant and equipment of Company B were acquired at the same time, and that all of the $200,000 represents depreciable assets. Also, all of the depreciable assets have the same useful life and residual values are zero. Required: 1. In order to compare…
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2. A company purchased a truck for $35,000 on January 1, 2019. The truck is estimated to have a useful life of four years and a salvage value of $1,000. Assuming that the company uses straight-line depreciation, what is depreciation expense for the year ended December 31, 2020? a. $8,750 b. $17,500 c. $8,500 d. $17,000 e. $25,500
X company purchased 3 trucks on January 1,2019 as following: Useful life Salvage Value Depreciation Method Cost 15 Double Declining (DDM) Truck 1 $20000 $0 $5000 Straight Line (SLM) Truck 2 $25000 15 $30000 Units of Activity (UAM) Truck 3 15 Book Value (BV) in year 3 for Truck 2 ? Answer:
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In recent years, Sarasota Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each bus, and various methods have been used. Information concerning the buses is summarized in the table below. Bus 1 2 3 Acquired Jan. 1, 2020 (a1) Jan. 1, 2020 Jan. 1, 2021 Cost $99,300 126,000 91,100 Salvage Value $ 7,500 11,500 Depreciation expense $ 8,500 Useful Life in Years 4 4 4 For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 118,000. Actual miles of use in the first 3 years were 2021, 27,000; 2022, 34,500; and 2023, 32,500. Depreciation Method Straight-line Declining-balance Units-of-activity For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) per mile
Carrying amount of right to use asset at the end of 31st December 2022 = Initial measurement at 1 Jan 2022 - Depreciation for the year = P1,104,558 - P1,104,558/8 years x 1 year = P966,488 Hence, the carrying amount of right to use asset at the end of 2022 is = P966,488Please elaborate this solution and answer. P1,104,558 - P1,104,558 the answer is ZERO, hence if you multipty or divide it with any numbers, the answer would be zero. So, what is the solution for P966,488 answer?