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Please respond ASAP. I rate well On January 1. Year 1. Phimps Company made a basket purchase including land, a bulding and equipment for $380,000.
Please respond ASAP. I rate well
On January 1. Year 1. Phimps Company made a basket purchase including land, a bulding and equipment for $380,000. The appraised values of the assets are $20,000 for the land, $340,000 for the buliding and $40,000 for equipment. Phillps uses the double-declining-balance method of depreciation for the equipment which is estimated to have a useful ilfe of four years and a salvage value of $5.000. The depreciation expense for Year 1 for the equipment is Muliple choice 520000 $17,000 $19.000 $9,500 Step by Step Solution
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