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Soccer Wholesale purchased land and a warehouse for one price of $790,000 In addition to the purchase price, Soccer Wholesale makes the following expenditures related
Soccer Wholesale purchased land and a warehouse for one price of $790,000 In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition commission to sales agent, $18,100, utie insurance, 54,500 , and miscellaneous closing costs, $8,500. The warehouse is immediately demolished at a cost of $76,800 in anticipation of buliding a new warchouse. Required: Determine the amount Soccer Wholesale should report as the cost of the land Mountain View Resorts purchased equipment at the beginning of 2024 for $44,000. Residuat value at the end of an estimated four year service life is expected to be $7,300. The machine operated for 2,500 hours in the first year and the compary expects the machine to operate for a total of 12,000 hours over its four-year life Required: Calculate depreciation expense for 2024, using each of the following depreciation methods: 1. Straight-fine 2. Double-declining-balance 3. Activity based (For all requirements, round your intermediate calculations to 2 decimal places.)
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