1. Calculate and record depreciation for the year ended December 31, 2021, for both the machinery and...
Question:
1. Calculate and record depreciation for the year ended December 31, 2021, for both the machinery and equipment (round calculations to the nearest whole dollar).
2. Prepare the property, plant, and equipment section of the balance sheet at December 31, 2021.
Transcribed Image Text:
Westfair Foods Partial Balance Sheet December 31, 2020 Property, plant, and equipment: Machinery. Less: Accumulated depreciation. Equipment?. Less: Accumulated depreciation. Total property, plant, and equipment. $ 500,000 $170,000 330,000 1,280,000 1,026,667 253,333 $423,333 'The machinery was purchased on January 1, 2015, and Is depreclated to the nearest whole month using the stralght-line method. Its total estimated useful life is elght years with a $60,000 residual value. 2The equipment was purchased on August 1, 2018, and Is depreclated to the nearest whole month using the double-declining-balance method. The useful life is estimated to be four years with a resldual value of $36,000.
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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