Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All Info is provided Marigold Corporation purchased a new plant asset on April 1, 2020, at a cost of $?80.000. It was estimated to have

image text in transcribedimage text in transcribedimage text in transcribed

All Info is provided

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Marigold Corporation purchased a new plant asset on April 1, 2020, at a cost of $?80.000. It was estimated to have a useful life of 20 years and a residual value of $360,000, a physical life of 30 years, and a salvage value of $0. Marigold's accounting period is the calendar year. Marigold prepares nancial statements in accordance with IFRS. 3 Your answer is incurred. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method. [Roundanswers to 0 decimal places, 9.3. 5,275.) Depreciation 2020 ii I 23000 2021 ii I 21000 Calculate the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to O decimal places, e.g. 5,275.) Depreciation 2020 LA 2021 LACalculate the depreciation for this asset for 2020 and 2021 using the straight-line method and assuming Marigold prepares financial statements in accordance with ASPE. (Do not round intermediate calculations and round answers to O decimal places, e.g. 5,275.) Depreciation 2020 26000 2021 21000Assume that additional information has been provided relating to the cost {$780,000}. There are three components of the plant asset. Components 1, 2, and 3 have costs of $390,000, $252,000, and $133,000, respectively. The useful lives of components 1, 2, and 3 are 25, 20, and 30 years, respectively. Determine straight-line depreciation expense for 2020 and 2021 for each component under IFRS if the residual value is $130,000 for component 1. $123,000 for component 2, and $102,000 for component 3. {Do natraund Intermediate calculations and round answers to 0 decimal places, es. 5,275.) Depreciation expense 2020 2021 Component 1 $ 10400 $ 10400 Component 2 $ 6200 $ .5200 Component 3 $ 1200 $ 1200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Late RC Sekhar, AV Rajagopalan

1st Edition

195683609, 978-0195683608

More Books

Students also viewed these Accounting questions

Question

Make eye contact when talking and listening

Answered: 1 week ago

Question

Do not go, wait until I come

Answered: 1 week ago

Question

Pay him, do not wait until I sign

Answered: 1 week ago