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On January 2022. Norton Inc. made a basket purchase of land, a building and Mature and natures. The total purchase price was 51.000 Norton ho

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On January 2022. Norton Inc. made a basket purchase of land, a building and Mature and natures. The total purchase price was 51.000 Norton ho paid $3.000 forse fees en 54.000 in Segel Does related to the purchase Appraised values at the time of the purchase were and $70,000, buling, 1227.500, and more and stres, 532.500 Required 1. Make the journal entry to record the purchase of the assets with cost based on appraised Values 2. The building had an estimated useful to of 20 years and residual value of $30.000. Make the joumalenty to record depreciation for 2022 ushg me declining balance method and also acceleration rate 3. The furniture and fixtures are expected to have useful lives of 5 years and no residual value What is the amount of clpreciation on the furniture and fortures for 2022,uming that Norton uses the straight line method of depreciation for such assets? 4. Based on the information in part 3. what is the book value of the furniture and flures at the end of 2022 5. Under IFRS. would Norton be able to use the declining balance method for the building and the straight line method for future and fixtures? Discuss briefy. On January 2022. Norton Inc. made a basket purchase of land, a building and Mature and natures. The total purchase price was 51.000 Norton ho paid $3.000 forse fees en 54.000 in Segel Does related to the purchase Appraised values at the time of the purchase were and $70,000, buling, 1227.500, and more and stres, 532.500 Required 1. Make the journal entry to record the purchase of the assets with cost based on appraised Values 2. The building had an estimated useful to of 20 years and residual value of $30.000. Make the joumalenty to record depreciation for 2022 ushg me declining balance method and also acceleration rate 3. The furniture and fixtures are expected to have useful lives of 5 years and no residual value What is the amount of clpreciation on the furniture and fortures for 2022,uming that Norton uses the straight line method of depreciation for such assets? 4. Based on the information in part 3. what is the book value of the furniture and flures at the end of 2022 5. Under IFRS. would Norton be able to use the declining balance method for the building and the straight line method for future and fixtures? Discuss briefy

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