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Lindy Weink the new controller of Blossom Company has reviewed the expected useful lives and resolvloes of selected depreciable assets at December 31, 2021. (Depreciation
Lindy Weink the new controller of Blossom Company has reviewed the expected useful lives and resolvloes of selected depreciable assets at December 31, 2021. (Depreciation for 2021 has not been recorded yet) Her findings are as follow Residus Value Date Acquired Total Useful Lite in Years Current Proposed Cost Current Type of Asset Building Equipment Proposed $60.200 Jan 1.2006 $800.000 20 30 $39.500 Jan 1, 2019 125.000 4 4500 2500 After discussion management agrees to accept Lindy's proposed changes. All assets are depreciated by the teethod, Blossom Company has a December 31 year end. For each asset calculate the annual depreciation expense using the original estimated useful life and resideat value Annual depreciation expense per year $ Building per year $ Equipment Question 4 of 7 - 120 Calculate the carrying amount of each asset as at January 1, 2021. Carrying amount Building Equipment $ e Textbook and Media For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31, 2021 Annual depreciation expense per year $ Building V each asset, calculate the revised annual depreciation expense and the carrying amount at December 31, 2021 - /20 III Annual depreciation expense Building $ per year Equipment $ Carrying amount Building S Equipment $
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