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How do you find depriciation expense and accumulated depr. for office equipment? Please work out the math. I'm not sure if it's possible for someone
How do you find depriciation expense and accumulated depr. for office equipment? Please work out the math. I'm not sure if it's possible for someone to show how you do this entire problem but if it is please help, thank you.
More Info Purchased office equipment, $119,000. Paid $82,000 cash and financed the remainder with a note payable. Jan. 1 Apr. Acquired land and communication equipment in a lump-sum purchase. Total cost was $420,000 paid in cash. An independent appraisal valued the land at $330,750 and the communication equipment at $110,250. Sold a building that cost $540,000 (accumulated depreciation of $275,000 through December 31 of the preceding year). Hilda Carr Associates received $350,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $75,000 Recorded depreciation as follows: Communication equipment is depreciated by the straight-line method over a five-year life with zero residual value. Sep. 1 Dec. 31 Office equipment is depreciated using the double-declining-balance method over five years with a $2,000 residual valueStep by Step Solution
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