Tundra Tours runs tundra buggy expeditions in northern Manitoba for tourists to catch a glimpse of the
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Question:
Tundra Tours runs tundra buggy expeditions in northern Manitoba for tourists to catch a glimpse of the abundant caribou, polar bears, and other wildlife. Tundra purchased a tundra buggy on October 19, 2014, for cash of $145,000. Its estimated useful life is five years or 100,000 kilometres with a residual value estimated at $25,000. Tundra Tours’ year-end is December 31.
Required
Calculate depreciation expense for each fiscal year of the asset’s useful life by completing a schedule with the following headings (round calculations to the nearest whole dollar):
CHECK FIGURE: DDB 2019 = $32,480
1 Deprecation is calculated to the nearest month 2 Assumes actual kilometres of use were 2017, 5,800; 2018, 19,400; 2019, 22,850; 2020, 25,700;2021, 19,980; 2022, 14,600. |
Depreciation Method: | ||
Straight-line | Double-declining balance | Units-of-production |
Related Book For
Survey of Accounting
ISBN: 978-0077862374
4th edition
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair,Bor
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