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Can you please help finding out annual depreciation and carrying amount at Dec 31 2021 AND How? thanks .337 O Question 8 of 8 :-
Can you please help finding out annual depreciation and carrying amount at Dec 31 2021 AND How? thanks
.337 O Question 8 of 8 :- View Policies Show Attempt History Current Attempt in Progress Lindy Weink, the new controller of Cullumber Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2021. (Depreciation for 2021 has not been recorded yet.) Her findings are as follows: Total Useful Life in Years Residual Value Type of Asset Date Acquired Cost Current Proposed Current Proposed Building Jan. 1, 2006 $800,500 20 30 $39,840 $60,220 Jan. 1, 2019 Equipment 125,050 5 4 4,580 3,880 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Cullumber Company has a December 31 year end. (a) Your answer is correct. c AN (c) For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31, 2021. Annual depreciation expense Building $ I per year Equipment $ Carrying amount Building Equipment $ C Your answer is correct. Calculate the carrying amount of each asset as at January 1, 2021. Carrying amount Building $ 230005 Equipment $ ta 76862 e Textbook and MediaStep by Step Solution
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