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Anya and Zander Walworth are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the
Anya and Zander Walworth are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have 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 2025. (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 Asset Acquisition Date Estimated Cost Life Residual Value Depreciation Depreciation Computer Mar. 2, 2025 Office Furniture Mar. 3, 2025 2,250 4,800 5 years 10 years 900 1,200 Method DDB SL Expense $ 75 30 Requirement 2. For each asset, determine the book value as of December 31, 2024. Then, calculate the depreciation expense for the first six months of 2025 and the book value as of June 30, 2025. Begin by completing the table by entering the amounts for 2024 for the assets placed in service during 2024. In the following step we will complete the table for the first six months of 2025 for all assets placed in service prior to June 30, 2025. (Complete all answer boxes. Enter a "0" for any zero balances. Abbreviations used: Accum. - Accumulated; Depr. = Depreciation; Exp. = Expense.) Book Accum. 2024 Depr. Value Acquisition Depr. Dec. 31, Dec. 31, Data table Asset Date Cost Expense 2024 2024 Canoes Nov. 3, 2024 $ 3,360 Land Dec. 1, 2024 85,000 Building Dec. 1, 2024 96,000 Canoes Dec. 2, 2024 6,720 Computer Mar. 2, 2025 2,250 Office Furniture Mar. 3, 2025 4,800 Asset Acquisition Date Cost Canoes Land Nov. 3, 2024 Dec. 1, 2024 $ Building Dec. 1, 2024 Canoes Dec. 2, 2024 3,360 85,000 96,000 6,720 Estimated Life 8 years Estimated Residual Value Depreciation Method* Monthly Depreciation Expense $ 0 SL $ 35 n/a 10 years 12,000 SL 700 8 years 0 SL 70 Computer Mar. 2, 2025 2,250 5 years 900 DDB Office Furniture Mar. 3, 2025 4,800 10 years 1,200 SL * SL = Straight-line; DDB = Double-declining-balance Print Done
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