At December 31, 2023, Halifax Servicings balance sheet showed capital asset information as detailed in the schedule
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At December 31, 2023, Halifax Servicing’s balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month.
RequiredComplete the schedule.
Transcribed Image Text:
Description Date of Purchase Office Equip. Machinery June 4/2020 March 27/2020 Truck Cost Information Depreciation Method Cost¹ Residual Life Straight-line Double-declining- balance Nov. 13/2023 Units-of-production 113,000 26,000 $ 52,000 $14,000 10 yr. Balance of Accum. Deprec. Dec. 31, 2023 275,000 46,000 6 yr. 250,000 km 1 There have been no disposals or betterments since the date of purchase. 2 Actual kilometres driven were 2023, 14,000; 2024, 68,000. Depreciation Depreciation Expense for 2024 Balance of Accum. Deprec. Dec. 31, 2021
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Description Date of Purchase Office Equipment Machinery June 420 Truck March 2720 Nov 132...View the full answer
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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