Ivanhoe Arrow Ltd. purchased a new bus on October 1, 2024, at a total cost of $221,056. 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 $22,000, and an estimated useful life of either four years or 301,600 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: 7,100 km in 2024; 100,700 km in 2025; 64,300 km in 2026; 95,400 km in 2027; and 34,100 km in 2028. Ivanhoe Arrow has an October 31 year end. (a) Prepare separate depreciation schedules for the life of the bus using: (Round depreciation per unit to 2 decimal places, e.g. 5.28 and final answers to O decimal places, e.g. 5,275.) (1) Straight-line method: Depreciable Year Amount Depreciation Expense Accumulated Carrying Depreciation Amount 2024 $ $ $ 2025 2026 2027

Ivanhoe Arrow Ltd. purchased a new bus on October 1, 2024, at a total cost of $221,056. 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 $22,000, and an estimated useful life of either four years or 301,600 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: 7,100 km in 2024; 100,700 km in 2025; 64,300 km in 2026; 95,400 km in 2027; and 34,100 km in 2028. Ivanhoe Arrow has an October 31 year end. (a) Prepare separate depreciation schedules for the life of the bus using: (Round depreciation per unit to 2 decimal places, e.g. 5.28 and final answers to O decimal places, e.g. 5,275.) (1) Straight-line method: Depreciable Year Amount Depreciation Expense Accumulated Carrying Depreciation Amount 2024 $ $ $ 2025 2026 2027

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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