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plz help Bramble Home Automation (BHA) Inc, is a publicly traded company that designs and manufactures environmentally-friendly windows. The high-tech windows have the ability to
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Bramble Home Automation (BHA) Inc, is a publicly traded company that designs and manufactures environmentally-friendly windows. The high-tech windows have the ability to both cool homes in the summer and warm them in the winter. The compary owns the following assets: 1. Manufacturing equipment that was purchased for $492,000 on August 1, 2019. The equipment was estimated to have a uscfullife of 10 years with no residual value. 2. A patent for the heating / cooling technology that was purchased for $312,000 on August 1, 2019. The patent is estimated to have a remaining legal life of 12 years with no residual value. BHA has a fiscal year end of July 31 and uses straight-line depreciation. On August 1, 2022, BHA determines that the equipment actually only has a 7-year useful life from the acquisition date, but with a residual value of $22,000. In addition, the economic benefits of the patent were determined to only last 6 years from the acquisition date. (a) Calculate the depreciation expense and amortization expense for each asset for 2023. Depreciation expense (Manufacturing Equipment) s Amortization expense (Patent) $ Step by Step Solution
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