Login

P9.2(LO 2) In recent years, Freeman Transportation purchased three used buses. Because of frequent turnover...

70.2K

Verified Solution

Question

Accounting

P $9.2 ($ LO $2)$ In recent years, Freeman 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 below.

$\$ table $[[$ Bus $,$ Acquired,Cost, $\$ table $[[$ Residual $], [$ Value $]], \$ table $[[$ Useful Life $], [$ in Years $]],$ Depreciation Method $], [1, \frac{1}{1} \frac{?}{23}, 96, 000, 6, 000, 5,$ Straight $-$ line $], [2, \frac{1}{1} \frac{?}{23}, 140, 000, 10, 000, 4,$ Declining $-$ balance $], [3, \frac{1}{1} \frac{?}{24}, 92, 000, 8, 000, 5,$ 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 $2$ years were $24, 000$ miles in $2024$ and $36, 000$ miles in $2025 .$

Instructions

a $.$ Compute the amount of accumulated depreciation on each bus at December $31, 2025 .$

b $.$ If Bus $2$ was purchased on April $1$ instead of January $1,$ what is the depreciation expense for this bus in $(1) 2023$ and $(2) 2024 ?$

Answer & Explanation Solved by verified expert

answer-section

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Other questions asked by students

Medical Sciences

1.2K views

1.Describe (in detail) the three main factors that affect stroke volume and how each impacts cardiac...

Basic Math

1.2K views

Shoe Size 12 6 11 13 8 9 8 8 9 9 11 5 10 8 7 7 11 9 9 9 12 8 8 8 12 9 11 8 11 8 13 5 9 8 11 We need to find the confidence interval for the SHOE SIZE variable. To do this,...

Biology

1.2K views

Why are frameshift mutations considered more impactful on the final protein product than most point...

Statistics

1.2K views

K The accompanying table describes results from groups of 10 b variable x represents the...

Calculus

1.2K views

Two sides and an angle are given. Determine whether the given information results in one...

Calculus

1.2K views

105 Find lim f x if x 1 1 f x 2 2 x 1...

Accounting

1.2K views

The occurrence of the expression "slept" in a sentence necessitates the...

Accounting

1.2K views

Yeung, Kim and Chong are in a partnership sharing profits and losses in the ratio...

Accounting

1.2K views

Armando Company posee 15,000 de las 50,000 acciones ordinarias en circulacin de Tito Sociedad...

Accounting

1.2K views

Which of the following is a reason to adopt activity-based costing in a job-order environment?...

Accounting

1.2K views

In selling a commercial building, Riley tells Sam that the property has a certain capacity,...

Finance

1.2K views

Changes in the net working capital: O can affect the cash flows of a project...

1 Answer

$0.99

~~$1.99~~

(Save $1 )

One time Pay

No Ads
Answer to 1 Question
Get free Zin AI - 50 Thousand Words per Month

Best

Unlimited

$4.99*

~~$9.99~~

(Save $5 )

Billed Monthly

No Ads
Answers to Unlimited Questions
Get free Zin AI - 3 Million Words per Month

*First month only

Free

$0

Get this answer for free!
Sign up now to unlock the answer instantly

You can see the logs in the Dashboard.

Sign In

Don't have an account? Sign Up