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At April 30, 2020, Hackney Building Products? year-end, the balance sheet showed PPE information as detailed in

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At April 30, 2020, Hackney Building Products? year-end, the balance sheet showed PPE information as detailed in the schedule below. The company calculates depreciation for partial periods using the half-year convention.

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Complete the schedule.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Depreciation Depreciation Expense for Accum. Deprec. 2021 Cost Information Balance of Accum. Deprec. April 30, 2020 Balance of Depreciation Date of Description Purchase Equipment Oct. 3/17 Straight-line $ 62,400 $ 16,800 Machinery Oct. 28/17 Cost' Residual April 30, 2021 Life Method 20 yг. 540,000 180,000 100,000 Units-of- production units 5 yг. Tools Nov. 3/17 15,000 Double- declining- balance 64,000

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Fundamental Accounting Principles Volume I

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In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

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