Please show excel calculations (workings) for Questions 1,2&3. Thank you
BUSI 293 Assignment on Property, Plant and Equipment Fir Corporation commenced operations on September 1", 2019. With respect to property, plant and cuipment, the company completed the following transactions: 2019: September 1': The company paid $4,000,000 to purchase the following assets Useful Life Residual Value Asset Land Building Equipment Appraised Value $1.200.000 $2,100.000 $1 100,000 20 years 8 years $500,000 $0 Fir plans to use straight line cepreciation for both buildings and equipment December 1: Purchesed two ideritical delivery vans with a list price of $65.000 each for $120.000 casli. It is expected that the trucks will be used for eight years, and each van will be driven a total of 200,000 kilometres. The residual value is expected to be $12.000 for each van and the company will use the units of production method to depreciate the trucks. December 31: Recorded cepreciation on the assets. The first van traveled 4.000 kilometres in December and the second van travellen 1,500 kilometres. 2020: May 19 fit equired additional manufacturing equipment for $200.000. The equipment was brand new and the useful life was expected to be 10 years. The company planned to use declining balance method for this ecuipment. Due to expected oualescurce, the residual value was set to $0. December 31*: Recorded depreciation on the assets. Ven 1 travelled 40,000 kilometres in 2020 and Van 2 travelled 32.000 kilometres 2021: January 1": Fir determined that the useful life remaining on the building purchased in 2019 is 14 years and the residual value will be 50 July 1": Firsold some of the equipment purchased in 2013. The original cost assigned to the equipment sold was $300,000. It received cash proceeds of $190,000 for the equipment. Required: 1. Prepare the journal entries to record the transactions for 2019 and 2020 (14 marks) 2. Provide the appropriate statement of financial position cisclosure al December 31, 2020. (8 (8 marks) 1. Calculate the revised depreciation experse for the building for 2021. [3 marks) 4. Record the sale of the equipment in 2021. (5 marks) BUSI 293 Assignment on Property, Plant and Equipment Fir Corporation commenced operations on September 1", 2019. With respect to property, plant and cuipment, the company completed the following transactions: 2019: September 1': The company paid $4,000,000 to purchase the following assets Useful Life Residual Value Asset Land Building Equipment Appraised Value $1.200.000 $2,100.000 $1 100,000 20 years 8 years $500,000 $0 Fir plans to use straight line cepreciation for both buildings and equipment December 1: Purchesed two ideritical delivery vans with a list price of $65.000 each for $120.000 casli. It is expected that the trucks will be used for eight years, and each van will be driven a total of 200,000 kilometres. The residual value is expected to be $12.000 for each van and the company will use the units of production method to depreciate the trucks. December 31: Recorded cepreciation on the assets. The first van traveled 4.000 kilometres in December and the second van travellen 1,500 kilometres. 2020: May 19 fit equired additional manufacturing equipment for $200.000. The equipment was brand new and the useful life was expected to be 10 years. The company planned to use declining balance method for this ecuipment. Due to expected oualescurce, the residual value was set to $0. December 31*: Recorded depreciation on the assets. Ven 1 travelled 40,000 kilometres in 2020 and Van 2 travelled 32.000 kilometres 2021: January 1": Fir determined that the useful life remaining on the building purchased in 2019 is 14 years and the residual value will be 50 July 1": Firsold some of the equipment purchased in 2013. The original cost assigned to the equipment sold was $300,000. It received cash proceeds of $190,000 for the equipment. Required: 1. Prepare the journal entries to record the transactions for 2019 and 2020 (14 marks) 2. Provide the appropriate statement of financial position cisclosure al December 31, 2020. (8 (8 marks) 1. Calculate the revised depreciation experse for the building for 2021. [3 marks) 4. Record the sale of the equipment in 2021
