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Avery and Zeus Waldron are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following
Avery and Zeus Waldron 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 Acquisition Estimated Residual Depreciation Depreciation Asset Date Cost Life Value Method Expense Computer Mar. 2. 2025 3,000 5 years 600 DDB $ 100 Office Furniture Mar. 3, 2025 3 6,160 6 years 400 SL 80 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 "O" for any zero balances. Abbreviations used: Accum. = Accumulated; Depr. - Depreciation; Exp. = Expense.) Book Accum. Depr. 2024 Value Depr. Dec. 31. Dec. 31. Acquisition Date Data table Asset Cost Expense 2024 2024 $ Canoes Land Nov. 3, 2024 Dec. 1, 2024 Dec. 1. 2024 4,320 60,000 Estimated Residual Value 358,000 Asset Acquisition Date Building Canoes Cost Estimated Life Depreciation Method SL Monthly Depreciation Expense $ 45 6,720 3.000 Canoes Nov. 3, 2024 $ 8 years $ 0 Dec. 2, 2024 Mar. 2, 2025 Mar. 3, 2025 4,320 60,000 Computer Office Furniture n/a 6.160 Land Building Canoes Dec. 1, 2024 Dec. 1, 2024 Dec. 2, 2024 20 years 22,000 SL 1,400 358,000 6,720 8 years 0 SL 70 5 years 600 DDB Computer Mar. 2, 2025 3,000 Office Furniture Mar. 3, 2025 6,160 SL = Straight-line: DDB = Double-declining-balance 6 years 400 SL = Print Done
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