Problem 10-02A a1-b (Part Level Submission) In recent years, Concord 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. Salvage Value Useful Life Depreciation Bus Acquired Cost in Years Method 1 1/1/18 $ 96,000 $ 6,500 Straight-line 2 1/1/18 128,000 11,000 4 Declining-balance 3 1/1/19 95.100 9,000 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 123.000., Actual miles of use in the first 3 years were 2019, 25,000; 2020, 31,000; and 2021, 32,500. - (a1) For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile
Problem 10-02A a1-b (Part Level Submission) In recent years, Concord 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. Salvage Value Useful Life Depreciation Bus Acquired Cost in Years Method 1 1/1/18 $ 96,000 $ 6,500 Straight-line 2 1/1/18 128,000 11,000 4 Declining-balance 3 1/1/19 95.100 9,000 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 123.000., Actual miles of use in the first 3 years were 2019, 25,000; 2020, 31,000; and 2021, 32,500. - (a1) For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer this accounting question correctly
Transcribed Image Text:Problem 10-02A a1-b (Part Level Submission)
In recent years, Concord Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and varlous methods were selected. Information concerning the buses is summarized as follows.
Salvage
Value
Useful Life
Depreciation
Acquired
Cost
Method
1
1/1/18
$ 96,000
$ 6,500
Straight-line
2
1/1/18
11,000
Declining-balance
Units-of-activity
3
1/1/19
95,100
9.000
For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 123.000, Actual miles of use in the first 3 vears were 2019, 25.000: 2020, 31.000; and 2021, 32.500.
v (a1)
For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)
Depreciation expenses
per mile
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education