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Green Energy Solutions Inc. owns the following assets: Asset Purchase Date Cost Useful Life Residual Value Solar Panels Jan 1, 2020 $700,000 25 years $60,000

  1. Green Energy Solutions Inc. owns the following assets:
AssetPurchase DateCostUseful LifeResidual Value
Solar PanelsJan 1, 2020$700,00025 years$60,000
Wind TurbinesJuly 1, 2021$1,200,00030 years$100,000

Instructions: a) Calculate the depreciation expense for each asset for the fiscal year 2023. b) Determine the balance in the accumulated depreciation account for each asset on December 31, 2023. c) Compute the net amount to be reported in the 2023 financial statements for each asset as of December 31, 2023.

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