q2a

Crane Snowboarding Company, a public company, purchased equipment on January 10, 2020, for $830,000. At that time. management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Crane uses the straight-line method of depreciation and has a December 31 year end. Crane tested the equipment for impairment on December 31.2024, after recording the annual depreciation expense. It was determined that the equipment's recoverable amount was $358,000, and that the total estimated useful life would be eight years instead of 10 , with a residual value of $10,000 instead of $50,000. Calculate the annual depreciation expense for the years 2020 to 2024 and the carrying amount at December 31,2024. Calculate the annual depreciation expense for the years 2020 to 2024 and the carrying arnount at Dexember 31.2024. Record the impairment loss, if any, on December 31, 2024. (Credit account titles are outomatically indented when the aurount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter ofor the amounts tist debit entry before credit entry.) What will appear on Crane's 2024 income statement with regard to this equipment? What will appear on Crane's 2024 balance sheet with regard to this equipment? Assuming no further impairments or recoveries, calculate the annual depreciation expense for the years 2025 to 2027 , (Round) depreciation rate to 2 decimal places, eg. 15.75 and final answers to 0 decimal places, eg. 5.275