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In its first year of business, Bonita purchased land, building and equipment on March 5,2023, for $648,000 in total. The land was valued at $279,210,
In its first year of business, Bonita purchased land, building and equipment on March 5,2023, for $648,000 in total. The land was valued at $279,210, the building at $340,500 and the equipment at 61,290. Additional information on the depreciable assets as follows; Asset Residual Value Useful life in years Depreciation Method Building $20,400 60 Straight Line Equipment 6,000 8 Double Diminishing Allocate the purchase cost of the land, building, equipment to each of the assets Land $__________ Building_________ Equipment__________
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