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Alice White is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information: (Click
Alice White is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information: (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 Year 1 - Monthly Acquisition Estimated Residual Depreciation Depreciation Asset Date Cost Life Value Method Expense Computer Mar. 2, 2019 9,900 6 years 700 DDB Office Furniture Mar. 3, 2019 8,020 7 years 1,300 SL Acquisition Date Estimated Residual Value Depreciation Method* Monthly Depreciation Expense Asset Cost Estimated Life Canoes Nov. 3, 2018 8,160 4 years $ 0 SL 170 Land Dec. 1, 2018 75,000 n/a Dec. 1, 2018 94,000 10 years 10,000 SL 700 Building Canoes Dec. 2, 2018 7,680 4 years 0 SL 160 Computer Mar. 2, 2019 9,900 6 years 700 DDB Office Furniture Mar. 3, 2019 8,020 7 years 1,300 SL * SL = Straight-line; DDB = Double-declining-balance 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. Book 2018 Depr. Value Acquisition Depr. Dec. 31, Dec. 31, Asset Date Cost Expense 2018 2018 Canoes Nov. 3, 2018 $ 8,160 Land Dec. 1, 2018 75,000 Building Dec. 1, 2018 94,000 Canoes Dec. 2, 2018 7,680 Computer Mar. 2, 2019 9,900 Office Furniture Mar. 3, 2019 8,020 2019 Accum. Book Depr. Exp. Depr. Value Through Jun. 30, Jun. 30, Jun. 30 2019 2019 Requirement 3. Prepare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2019. (Complete all answer boxes.) Happy Camper Company Balance Sheet (Partial): June 30, 2019 Property, Plant, and Equipment: Ill Property. Plant, and Equipment. Net
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