Question 5 (7 marks) (Note this question is from the Week 9 Tutorial) Greyhound Ltd purchased a new bus for $280,000. The company expects the bus to be used for trips between Sydney and Melbourne for 8 years, or 400,000 miles, with an estimated residual value of $40,000 at the end of that time. During the third (3rd) year, the bus was driven 60,000 miles. Required: Calculate the depreciation expense for the 3rd year using each of the depreciation methods: a), b) and c) stated below. (Show All of your workings and calculations) 1. a) Straight-line (2 marks) 2. b) Diminishing balance at 20% p.a. (2.5 marks) 3. c) Units-of-activity (2.5 marks)