Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help please Problem 9-7A Calculating depreciation LO2 Use the following table: $ 210,000 Big Sky Farns Partial Balance Sheet April 30, 2020 Property, plant

need help please image text in transcribed
image text in transcribed
image text in transcribed
Problem 9-7A Calculating depreciation LO2 Use the following table: $ 210,000 Big Sky Farns Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land Building Less: Accumulated depreciation Equipment? Less: Accumulated depreciation Total property, plant and equipment 153,000 $714,000 561.000 650,000 275,600 374,400 $1,237,400 The building was purchased on May 3, 2009, and is depreciated to the nearest whole month using the straight-line method Depreciation is based on a 14-year life after which it will be demolished and replaced with a new one. 2 the equipment was purchased on November 3, 2017 and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $200.000 Required: 1. Calculate and record depreciation for the year just ended April 30, 2021. for both the building and equipment View all Journal entry worksheet Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the buildin View transaction list ces :X: X 1 Record the depreciation for the building, for the year ended April 30, 2021. 2021. 2. Record the depreciation for equipment, for the year ended April 30, 2021. Credit 2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2021. (Enter all amounts as positive values.) BIG SKY FARMS Partial Balance Sheet April 30, 2021 Property, plant and equipment Land Building Equipment Total property, plant and equipment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions