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Part II Assets Recognition (15 points) 1. Below are financial statements or Willamette Valley Vineyards: Property and Equipment: Construction in progress Land Winery building and
Part II Assets Recognition (15 points) 1. Below are financial statements or Willamette Valley Vineyards: Property and Equipment: Construction in progress Land Winery building and hospitality Equipment Total Less accumulated depreciation Property Plant Equipment, Net 2019 2018 $ 449,409 5 482,284 8,063,716 5.089,472 14,458,309 13,756,320 10,122,593 9,055,987 33.094.027 28,384,063 (12,897,082) (11.654 901) $20,196,945 $16,729,162 Annual Depreciation expense $ 1.254,455 $ 1,194,191 1. In the property, plants and equipment (PPE) account, please circle out the non- depreciable assets below. [5 points) Construction in progress Land Winery building and hospitality center Equipment 2. Estimate the average useful life for Willamette's depreciable assets at the end of fiscal 2019. What percent used up of the depreciable assets at the end of 20192 What does this imply for future cash flows? Limit your answer in two sentences. [10 points in total) Average useful life Percent used up Implication
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