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Can you show the solution step by step pls? Thank you! Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2012]
Can you show the solution step by step pls? Thank you!
Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2012] Accumulated Depreciation Cost Land Building Equipment Patent 75,000 550,000 150,000 100,000 Book Value $ 75,000 445,500 122,000 60,000 $(104,500) (28,000) (40,000) Togo's purchased all the assets at the beginning of 2010. The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10-year useful life using the straight-line method with an estimated residual value of $10,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method Using the information above answer the following questions 1. What is the book value of the Land at 12/31/2013 2. What is the book value of the building at 12/31/15 3. What is the book value of the equipment at 12/31/17 4. What is amortization expense for the patent as of 12/31/2012Step by Step Solution
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