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i cant figure this out. please help. On January 1, 2020, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $2,920,000.
i cant figure this out. please help.
On January 1, 2020, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $2,920,000. An appraisal identified the fair values to be $690,000 (land), $1196,000 (building). $345,000 (equipment), and $69,000 (tools). The estimated useful life and residual value of the building was 10 years and $720,000; for the equipment, five years and $46,000; and for the tools, three years and $7.400 Required: Calculate depreciation for 2020 and 2021 using the double-declining-balance method. Creative Calligraphy's year-end is December 31. (Do not round intermediate calculations and round your final answers to nearest whole dollar.) PPE Asset Land Building Equipment Tools 2020 Depreciation 2021 Depreciation $ of $ $ 239,200 Step by Step Solution
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