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Ashley and Zion Walker are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following
Ashley and Zion Walker are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following information:
I have already calculated the correct answers for computer and furniture! I am super stumped on the second and third requirements! If the answer could be provided in a table, I'd really appreciate that. Thank you!
Data Table Estimated Residual Value $ 0 Depreciation Method SL Monthly Depreciation Expense $ 85 $ n/a Acquisition Asset Date Canoes Nov. 3, 2018 Land Dec. 1, 2018 Building Dec. 1, 2018 Canoes Dec. 2, 2018 Computer Mar. 2, 2019 Office Furniture Mar. 3, 2019 Cost Estimated Life 8,160 8 years 115,000 162,000 10 years 9,600 8 years 4,950 5,500 5 years SL 1,300 6,000 0 1,000 SL 100 3 years DDB 1,300 SL * SL = Straight-line; DDB = Double-declining-balance Print Done i Requirements 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 Print Done 2018 Accum. Depr. Dec. 31, 2018 Book Value Dec. 31, 2018 Depr. Expense $ Asset 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 8,160 115,000 162,000 9,600 4,950 5,500Step by Step Solution
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