Alice and Ziggy Waldon are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following information: B (Click the icon to view the information.) Read the requirements. Requirement 1. Calculate the amount of monthly depreciation expense for the computer and office furniture for 2019. (Calculate a full month's depreciation. It is not necessary to prorate depreciation based on the number of days in service.) Estimated Residual Acquisition Estimated Depreciation Method Asset Date Cost Life Value Year 1 - Monthly Depreciation Expense $ 275 60 Computer Mar. 2, 2019 1,400 DDB 4,950 5,200 3 years 5 years Office Furniture Mar. 3, 2019 1,600 SL Requirement 2. For each asset, determine the book value as of December 31, 2018. Then, calculate the depreciation expense for the first six months of 2019 and the book value as of June 30, 2019. Begin by completing the table by entering the amounts for 2018 for the assets placed in service during 2018. In the following step we will complete the table for the first six months of 2019 for all assets placed in service prior to June 30, 2019. (Complete all answer boxes. Enter a "0" for any zero balances. Abbreviations used: Accum. = Accumulated; Depr. = Depreciation; Exp. = Expense.) Book 2018 Accum. Depr. Dec. 31, 2018 Value Dec. 31. Depr. Expense Asset Cost 2018 Acquisition Date Nov. 3, 2018 $ Dec. 1. 2018 Dec. 1, 2018 Dec. 2, 2018 Mar. 2. 2019 Canoes Land Building Canoes 6.720 115.000 55,000 6,240 Computer 4.950 Enter any number in the edit fields and then click Check Answer. Data Table Requirements - X Requirement 2. For each asset, determine the book value as of December 31, 2018. Then, calculate the depreciation expense for the first six months of 2019 and the book value as of June 30, 2019. Begin by completing the table by entering the amounts for 2018 for the assets placed in service during 2018. In the following step we will complete the table for the first six months of 2019 for all assets placed in service prior to June 30, 2019. (Complete all answer boxes. Enter a "0" for any zero balances. Abbreviations used: Accum. = Accumulated; Depr. = Depreciation; Exp. = Expense.) Accum. 2018 Depr. Dec. 31, Book Value Dec. 31, 2018 Depr. Expense Asset 2018 Canoes Land Building Canoes Computer Office Furniture Acquisition Date Nov. 3, 2018 $ Dec. 1. 2018 Dec. 1. 2018 Dec. 2, 2018 Mar. 2, 2019 Mar. 3, 2019 Cost 6.720 115,000 55,000 6.240 4,950 5,200 Data Table Enter any number in the edit fields and then click Check Answer. Requirements X - Estimated Residual Value Asset Cost Estimated Life Depreciation Method SL Monthly Depreciation Expense S 140 Canoes $ 4 years $ 0 6,720 115,000 n/a 1. Calculate the amount of monthly depreciation expense for the computer and office furniture for 2019. 2. For each asset, determine the book value as of December 31, 2018. Then, calculate the depreciation expense for the first six months of 2019 and the book value as of June 30, 2019 3. Prepare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2019 Acquisition Date Nov. 3, 2018 Dec. 1, 2018 Dec. 1. 2018 Dec. 2, 2018 Mar 2, 2019 Mar. 3, 2019 55,000 5 years 7,000 SL Land Building Canoes Computer Office Furniture 800 6,240 SL 130 4 years 3 years 0 1,400 DDB 4,950 5,200 5 years 1,600 SL Print Done SL = Straight-line; DDB = Double-declining-balance Print Done
