Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Estimated Asset Acquisition Date Residual Cost Estimated Life Value Depreciation Method Canoes Nov. 3, 2018 $ 6,720 4 years $ 0 SL $ Land Dec.

Estimated Asset Acquisition Date Residual Cost Estimated Life Value Depreciation Method Canoes Nov. 3, 2018 $ 6,720 4 years $ 0 SL $ Land Dec. 1, 2018 115,000 n/a Building Dec. 1, 2018 97,000 5 years 25,000 SL Canoes Dec. 2, 2018 7,680 4 years 0 SL Computer Mar. 2, 2019 4,200 4 years 1,200 DDB Office Furniture Mar. 3, 2019 8,700 10 years 900 SL SL Straight-line; DDB = Double-declining-balance Monthly Depreciation Expense 140 1,200 160 Ay Walworth is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information Click the icon to view the information) Read the requirements Requirement 1. Calculate the amount of monthly depreciation expense for the computer and office furniture for 2019. (Calculate a full month's depreciation. It is not necessary to prorate deprecation based on the number of day Estimated Year 1-Monthly Asset Computer Acquisition Date Mar. 2, 2019 Estimated Cost Life Value Offon Fumiture Mar 3, 2019 4,200 8.700 4 years 10 years 1,200 900 Residual Depreciation Method DOB BL Depreciation Expense Requirement 2. For each asset, determine the book value as of December 31, 2018 Then, calculate the depreciation expense for the first six months of 2019 and the book value as of June 30, 2010 Begin by completing the table by entering the amounts for 2018 for the assets placed in service during 2010. In the following step we will complete the table for the first six months of 2019 for all assets placed in service prior to A all answer boxes Enter a "0" for any zero balances Abbreviations used Accum Accumulated, Depr Depreciation, Exp Expense) Book Value Book Value 2018 Accum 2019 Depr. Exp. Accum Depr Asset Acquisition Date Dept. Cost Expense Dec. 31, 2018 Dec. 31, 2018 Through Jun. 30, Jun 30, Jun 30 2019 2019 Canoes Nov. 3, 2018 $ 6,720 Land Dec. 1, 2018 115,000 Building Dec. 1, 2018 97,000) Canoes Dec. 2,2018 7,000 Compute Mar. 2, 2019 4,200 Ofico Fumiture Mar 3, 2019 8,700 Requirement 3. Propare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2019. (Complete all answer boxes) Requirement 3. Prepare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2019. (Complete all answer boxes.) Property, Plant, and Equipment: Water Way Company Balance Sheet (Partial): June 30, 2019 Property, Plant, and Equipment, Net autimage text in transcribedimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microsoft Excel And Access 2013 For Accounting

Authors: Glenn Owen

4th Edition

1305161858, 9781305161856

More Books

Students also viewed these Accounting questions

Question

8. What are the costs of collecting the information?

Answered: 1 week ago

Question

1. Build trust and share information with others.

Answered: 1 week ago