Tuscany Tours uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1,
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Tuscany Tours uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2008, at a cost of $115,000. Over its five-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $9,000.
(a) Compute the depreciation cost per unit.
(b) Prepare a depreciation schedule assuming actual mileage was: 2008, 24,000; 2009, 36,000; 2010, 20,000; and 2011, 20,000.
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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Related Book For
Hospitality Financial Accounting
ISBN: 978-0470083604
2nd Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
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