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Avery and Zorro White are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the
Avery and Zorro White are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following information: Data table Asset Acquisition Date Cost Estimated Life Estimated Residual Value Depreciation Method" Monthly Depreciation Expense Canoes Nov. 3, 2024 $ Land Dec. 1, 2024 Building Dec. 1, 2024 3,840 65,000 133,000 4 years $ 0 SL $ 80 n/a 15 years 7,000 SL Canoes Dec. 2, 2024 Computer Mar. 2, 2025 7,680 3,000 4 years 0 SL 700 160 5 years 1,500 DDB Office Furniture Mar. 3, 2025 8,100 10 years 900 SL *SL = Straight-line; DDB = Double-declining-balance 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 Computer Office Furniture Mar. 2, 2025 3,000 Mar. 3, 2025 8,100 Life 5 years 10 years Residual Value Depreciation Depreciation 1,500 900 Method DDB SL Expense 100 60 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.) Accum. 2024 Depr. Book Value Asset Acquisition Date Depr. Dec. 31, Dec. 31, Cost Expense 2024 2024 Canoes Nov. 3, 2024 $ 3,840 ? 2 ? Land Dec. 1, 2024 65,000 ? ? ? Building Dec. 1, 2024 133,000 ? ? ? Canoes Dec. 2, 2024 ? 7,680 ? ? Computer Mar. 2, 2025 3,000 Office Fumiture Mar. 3, 2025 8,100 How I do this work? The stips please!
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