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Fix the wrong answers. Thank you!!! Estimated Useful Life (in years) N/A Asset Land Building Equipment Vehicles Total Cost $ 125,000 450,000 250,000 125,000 $
Fix the wrong answers. Thank you!!!
Estimated Useful Life (in years) N/A Asset Land Building Equipment Vehicles Total Cost $ 125,000 450,000 250,000 125,000 $ 950,000 Estimated Residual Value N/A none 12% of cost $13,000 10 On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $95,000 was sold for $75,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2021. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. 3. Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, equipment, and vehicles for 2021. (Do not round intermediate calculations.) Building Equipment Vehicles Depreciation Expense 16,875 16,500 44,000 X % Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. (Do not round intermediate calculations.) Building Equipment Vehicles AAA Depreciation Expense $ 22,500 $ 17,820 X $ 36,256 XStep by Step Solution
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