Question 10: Property, Plant and Equipment Nick has provided you with the following fixed asset schedule and needs some assistance with the calculation depreciation expense and accumluated depreciation for 2020. Required: 1. Calculate depreciation expense for 2020 (cells noted in blue in column J). 2. Calculate accumulated depreciation for all non-current assets for 2020 (cells noted in blue in column L). ASSET DESCRIPTION DEP'N POLICY USEFUL LIFE EST. RESIDUAL VALUE N/A 25 N/A N/A 50,000 N/A 50,000 25,000 25 Land - 124 Street Building - 124 Street Land - 56 avenue Building - 56 avenue Packaging Machine Labelling machine - new! Office furniture Office furniture - new!** Computers - new! *** Computers Automobiles N/A straight line N/A straight line units of prod'n units of prod'n straight line straight line double diminishing balance double diminishing balance double diminishing balance *** 300,000 900,000 10 10 6 5 8 5,000 1,000 20,000 2019 ASSET COST 2020 Purchases 2020 Disposals 2020 ASSET COST $ $ 112,771.00 305,942.00 112,771.00 305,942.00 42,428.00 106,070.00 119,474.00 42,428.00 106,070.00 99,435.00 85,401.00 42,726.00 26,949.00 119,474.00 99,435.00 85,401.00 42,726.00 26,949.00 50,471.00 89,143.00 932,312.00 50,471.00 89,143.00 911,700.00 $ $ 169,110.00 $ 148,498.00 $ 2019 ACC. DEP'N 2020 Depreciation expense 2020 Disposals 2020 ACC. DEP'N $ $ 122,683.17 73,925.00 73,925.00 39,364.17 51,240.60 39,569.26 51,535.80 378,318.00 $ $ 66,417.81 $ 73,925.00 $ 370,810.81 Units Produced by the packaging machine in 2020 **Units produced by the labelling machine in 2020 *** The furniture and computers were acquired January 3, 2020 40,170 76,680 3. Prepare the adjusting journal entry to record depreciation on the Building - 124 Street (space provided below) Date Account Titles Debit Credit ASSET DESCRIPTION DEP'N POLICY USEFUL LIFE EST. RESIDUAL VALUE N/A 50,000 N/A 50,000 25,000 Land - 124 Street Building - 124 Street Land - 56 avenue Building - 56 avenue Packaging Machine Labelling machine - new! Office furniture Office furniture - new!*** Computers - new!*** Computers Automobiles N/A straight line N/A straight line units of prod'n units of prod'n straight line straight line double diminishing balance double diminishing balance double diminishing balance N/A 25 N/A 25 300,000 900,000 10 10 6 5 8 5,000 1,000 20,000 *Units Produced by the packaging machine in 2020 **Units produced by the labelling machine in 2020 *** The furniture and computers were acquired January 3, 2020 40,170 76,680