ACC 3010 Project 3 Part 1

Complete the attached Depreciation Schedules for each of the planned asset purchases using the provided information regarding cost, useful life, and selected method. You should do only the first 4 years for the building and do the complete useful life depreciation schedules for all of the other assets. *SHOW WORK FOR ALL CALCULATIONS

PLANNED ASSET ACQUISITIONS
Reminder that the companys fiscal year is July 1 through June 30.
Asset	Cost	Useful life	Salvage Value	Depreciation Method	Purchase Date
Land	500,000	N/A	N/A	N/A	1-Jul-21
Building	490,500	30	40,500	Straight line	1-Jul-21
Office Equipment	479,500	3	14,500	Straight line	1-Nov-21
Delivery Equipment	550,000	5	20,000	production	1-Feb-22
Additional information related to the $550,000 delivery equipment purchase: It is ESTIMATED that the equipment will be ABLE TO DRIVE 250,000 total miles over its lifetime. To complete the depreciation schedule, PRESUME that the actual miles driven for its useful life are as indicated below. Also, round depreciation expense per unit to the nearest cent and depreciation expense to the nearest dollar.
	Year 1	32,500
	Year 2	56,800
	Year 3	55,950
	Year 4	52,600
	Year 5	56,500

Building Depreciation Schedule
		Depreciation for the Year
	Asset	Dep'ble		Depreciation	Accumulated	Book
Date	Cost	basis	Rate	Expense	Depreciation	Value
7/1/2021
6/30/2022
6/30/2023
6/30/2024
6/30/2025
Office Equipment Depreciation Schedule
		Depreciation for the Year
	Asset	Dep'ble		Depreciation	Accumulated	Book
Date	Cost	basis	Rate	Expense	Depreciation	Value
11/1/2021
6/30/2022
6/30/2023
6/30/2024
6/30/2025
Delivery Equipment Depreciation Schedule
		Depreciation for the Year
		Depreciation
	Asset	per unit	Units of	Depreciation	Accumulated	Book
Date	Cost		Production	Expense	Depreciation	Value
2/1/2022
6/30/2022
6/30/2023
6/30/2024
6/30/2025
6/30/2026