Question
All I want is the calculations Question 1 Straight Line depreciation of Furniture & Equipment for the month is calculated using the annual depreciation %
All I want is the calculations
Question 1
Straight Line depreciation of Furniture & Equipment for the month is calculated using the annual depreciation % rate. The fixed asset has a $35 000 salvage value at the end of its life. Hint: work out the Straight-Line rate (%) and use months to calculate depreciation not days.
Furniture and equipment at cost $274,000
Furniture and equipment Accumulated depreciation -$24,000
Total furniture and equipment $ 250,000
Question 2
Amortisation of leasehold improvements is based on the term of the lease which is 15 years. An adjusting entry is required for March to reflect amortisation of the leasehold
Improvements at cost $110,000
Improvement amortisation -$4,888
Total Leasehold improvements $105,112
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