Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help asap, thank yoh very much!! Thomas Geary, the controller of Sandhill Company has reviewed the expected useful lives and salvage values of selected
please help asap, thank yoh very much!!
Thomas Geary, the controller of Sandhill Company has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in Years) Salvage Value Old Accumulated Depreciation Jan. 1.2022 Type of Asset Old Date Acquired Proposed Proposed Cost Building Jan 1, 2014 $2.702.000 $529.000 40 50 $141,000 $94,000 Warehouse Jan 1, 2017 242.000 47,000 25 20 30,000 7,500 All assets are depreciated by the straight-line method. Sandhill Company uses a calendar year in preparing annual financial statements. After discussion management has agreed to accept Thomas's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. Type of Asset Proposed Old Old Accumulated Depreciation, Jan. 1.2022 Proposed Date Acquired Type of Asset Cost 50 $141,000 $94,000 40 Building $2.702,000 $529,000 Jan. 1.2014 47.000 25 20 7,500 30.000 Warehouse Jan. 1. 2017 242.000 All assets are depreciated by the straight-line method. Sandhill Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Thomas's proposed changes. (The Proposed useful life is total life, not remaining life. (a) Compute the revised annual depreciation on each asset in 2022 Type of Asset Warehouse Building S $ Revised annual depreciation Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started