Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Calculate 2020 depreciation temporary timing difference given the following information: 2020 2019 Cost Accumulated Depreciation Net Book Value Net Book Value Furniture and fixtures $
Calculate 2020 depreciation temporary timing difference given the following information:
2020 | 2019 | |||
Cost | Accumulated Depreciation | Net Book Value | Net Book Value | |
Furniture and fixtures | $ 23,434.00 | $ 12,418.00 | $ 11,016.00 | $ 13,770.00 |
Computer equipment | 50,842.00 | 12,835.00 | 38,007.00 | 18,421.00 |
Leasehold improvements | 19,404.00 | 19,404.00 | - | 2,842.00 |
Vehicle | 40,352.00 | 27,985.00 | 12,367.00 | 17,667.00 |
Production equipment | 931,074.00 | 330,567.00 | 600,507.00 | 364,458.00 |
$ 1,065,106.00 | $ 403,209.00 | $ 661,897.00 | $ 417,158.00 | |
Cost | UCC | |||
Furniture and fixtures | $ 23,434.00 | $ 10,518.00 | ||
Computer equipment | 50,842.00 | 6,835.00 | ||
Leaehold improvements | 19,404.00 | 19,404.00 | ||
Vehicle | 40,352.00 | 29,985.00 | ||
Production equipment | 931,074.00 | 289,567.00 |
CCA taken in 2020 was $140,545.00
book Depreciation expense as per 2020 Statement of Income was $124,684.00
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