Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bramble Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2,
Bramble Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2022, for 530,000; it has a 10-year useful life with no residual value. Bramble has the following information related to the equipment. (Assume that estimated useful life and residual value do not change during the periods presented below.) The Company uses straight-line depreciation. Date Fair Value January 2, 2022 530,000 December 31, 2022 496,080 December 31, 2023 402,800 December 31, 2024 376,300 Determine the amounts to be reported by Bramble at December 31, 2023 and 2024, as Equipment, Other Comprehensive Income, Depreciation Expense, Impairment Loss, and Accumulated Other Comprehensive Income. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Dec. 31, 2023 Dec. 31, 2024 Equipment 402800 376300 Other Comprehensive Income Depreciation Expense 55120 50350 Impairment (Loss)/Recovery Accumulated Other Comprehensive Income 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started