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Need done soon as possible please: Answer the following: Asset Cost Accumulated Depreciation Recoverable Amount Residual Value Depreciation Method Remaining Life Furniture $25,000 $20,000 $10,000
Need done soon as possible please:
Answer the following:
Asset | Cost | Accumulated Depreciation | Recoverable Amount | Residual Value | Depreciation Method | Remaining Life |
Furniture | $25,000 | $20,000 | $10,000 | $500 | Straight Line | 3 years |
Computer | $2,000 | $1,000 | $500 | - | Double Declining | 5 yeas |
Land | $105,000 | 0 | $90,000 | N/A | N/A | Unlimited |
Machine | $90,000 | $25,000 | $35,000 | $5,000 | Straight Line | 3 years |
1. Assuming Walmart did not record any impairment losses in prior years, step one is to record the entry for any impairment loss. 2. Enter the depreciation entry for each asset as of March 31, 2020. In spite of impairment losses, assume that residual or usable life remained unchanged.
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