12 A A BIU O AVA ... Ev EVE E A Styles v O lind (4 (25 marks) a) Assume you have a flower shop and you bought a delivery van for $30,000. You expect the van to remain in service for three years (150,000 km). At the end of its useful life, you estimate that the van's residual value will be $3,000. You estimate the van will travel 40,000 km the first year, 60,000 km the second year, and 50,000 km the third year. Prepare an estimate of the depreciation expense per year for the van under the three depreciation methods. Show your computations. Required : Which method do you think tracks the useful life cost on the van most closely? b) Yorkville University Copy Centre Ltd, uses laser printers. The company started the year with 100 containers of ink (weighted average cost of $9.20 each, FIFO cost of $9 cach). During the year, University Copy Centre purchased 700 containers of ink at S10 cach and sold 600 units for $20 each. The company paid operating expenses throughout the year, to a total of $3,000. University Copy Centre is not subject to income tax. Prepare University Copy Centre Ltd.'s income statement for the year ended December 31, 2014, under the weighted-average and FIFO inventory costing methods assuming periodic system is used. Include a complete statement heading