Question
Bramble Corp. acquired a property on September 15, 2020, for $260,000, paying $3,700 in transfer taxes and a $2,000 real estate fee. Based on the
Bramble Corp. acquired a property on September 15, 2020, for $260,000, paying $3,700 in transfer taxes and a $2,000 real estate fee. Based on the provincial assessment information, 75% of the propertys value was related to the building and 25% to the land. It is estimated that the building, with proper maintenance, will last for 20 years, at which time it will be torn down and have zero salvage value. Bramble, however, expects to use it for 10 years only, as it is not expected to suit the companys purposes after that. The company should be able to sell the property for $165,000 at that time, with $50,000 of this amount being for the land. Bramble prepares financial statements in accordance with IFRS. Depreciation expense should be calculated to the nearest half month. Assuming a December 31 year end, identify the buildings cost. Cost of the building $enter the Cost of the building in dollars eTextbook and Media Assuming a December 31 year end, identify the buildings depreciable amount. Depreciable amount $enter the Depreciable amount in dollars eTextbook and Media Assuming a December 31 year end, identify the buildings useful life. Buildings useful life enter the Buildings useful life in years years eTextbook and Media Assuming a December 31 year end, identify the depreciation expense for 2020, assuming the straight-line method. (Do not round intermediate calculations and round answer to 0 decimal places, e.g. 5,275.) Depreciation expense for 2020 $enter the Depreciation expense for 2020 in dollars rounded to 0 decimal places eTextbook and Media Assuming a December 31 year end, identify the depreciation expense for 2021, assuming the double-declining-balance method. (Do not round intermediate calculation and round answer to 0 decimal places, e.g. 5,275.) Depreciation expense for 2021 $enter the Depreciation expense for 2021 in dollars rounded to 0 decimal places eTextbook and Media Assuming a December 31 year end, identify the buildings carrying amount at December 31, 2021, assuming the double-declining-balance method. (Do not round intermediate calculation and round answer to 0 decimal places, e.g. 5,275.) Buildings carrying amount $enter the Buildings carrying amount in dollars rounded to 0 decimal places eTextbook and Media Assuming a December 31 year end, identify the depreciation expense for 2020, assuming the straight-line method and assuming Bramble prepares financial statements in accordance with ASPE. (Do not round intermediate calculation and round answer to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 $enter the Depreciation expense 2020 in dollars rounded to 0 decimal places?
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