Green Home Automation $($GHA$)$ Inc. is a publicly traded company that designs and manufactures

environmentally$-$friendly windows. The high$-$tech windows have the ability to both cool homes in

the summer and warm them in the winter. The company owns the following assets:

$1.$ Manufacturing equipment that was purchased for $$495,000$ on August $1,2019.$ The equipment

was estimated to have a useful life of $10$ years with no residual value.

$2.$ A patent for the heating $/$ cooling technology that was purchased for $$315,000$ on August $1,$

$2019.$ The patent is estimated to have a remaining legal life of $12$ years with no residual value.

GHA has a fiscal year end of July $31$ and uses straight$-$line depreciation. On August $1,2022,$ GHA

determines that the equipment actually only has a $7-$year useful life from the acquisition date, but

with a residual value of $$25,000.$ In addition, the economic benefits of the patent were determined

to only last $6$ years from the acquisition date.

Instructions

a$)$ Calculate the depreciation expense for each asset for $2023.$

b$)$ Calculate the balance in the accumulated depreciation account for each asset on July $31,2023.$

c$)$ Calculate the net amount to be reported in the $2023$ of financial position for each of these

assets at July $31,2023.$