Question
Stake Technology Inc.'s property, plant and equipment subledger at January 1, 2019 appeared as follows: Additional information: Stake Technology Inc. calculates depreciation and amortization to
Stake Technology Inc.'s property, plant and equipment subledger at January 1, 2019 appeared as follows: Additional information:
Stake Technology Inc. calculates depreciation and amortization to the nearest month.
S/L = Straight Line; DDB = Double-Declining Balance; Units = Units of Production
There have been no disposals, revisions, or impairments prior to January 1, 2019
Actual miles driven by the trucks: 2017 - 300,000; 2018 - 203,000; 2019 - 166,000
At the beginning of 2019, it was determined that the building would be used for 1 year less than originally estimated.
Used furniture and machinery were purchased on September 5, 2019, for a total of $55,000 at a bankruptcy sale. The appraised value of the furniture was $45,000 and of the machinery $38,000. The old machinery was given to a charitable organization on September 7, 2019.
The estimated useful lives and residual values of the September 5 purchases were 5 years and $4,000 for the furniture, and 4 years and $3,000 for the machinery. These assets will be depreciated using the DDB method.
Complete the PPE asset subledger; round depreciation per unit of production to the nearest cent; round your final answers to the nearest dollar. Using the information from the PPE asset subledger and the following December 31, 2019 adjusted account balances, complete the income statement (showing all depreciation and amortization expenses together under expenses) and a statement of stockholders' equity for the year ended December 31, 2019 along with the December 31, 2019 classified balance sheet. Assume that the corporation issued $33,200 worth of stock during 2019.
The answers have to be the following: (I need the process in order to get those totals)
Marking: Equipment depreciation The total depreciation recorded for the Equipment as of December 31, 2018 should be 54,000, The depreciation expense for 2019 should be 18,000, The total depreciation recorded for the Equipment as of December 31, 2019 should be 72,000, Boats depreciation The total depreciation recorded for the Boats as of December 31, 2018 should be 25,600, The depreciation expense for 2019 should be 33,280 The total depreciation recorded for the Boats as of December 31, 2019 should be 58,880, Trucks depreciation The total depreciation recorded for the Trucks as of December 31, 2018 should be 176,050, The depreciation expense for 2019 should be 58,100, The total depreciation recorded for the Trucks as of December 31, 2019 should be 234,150, Building depreciation The total depreciation recorded for the Building as of December 31, 2018 should be 18,000, The depreciation expense for 2019 should be 13,500 The total depreciation recorded for the Building as of December 31, 2019 should be 31,500 Machinery depreciation The total depreciation recorded for the Machinery as of December 31, 2018 should be 28,000, The depreciation expense for 2019 should be 14,933, but you have left this blank. The total depreciation recorded for the Machinery as of December 31, 2019 should be 0, Patents amortization The total amortization recorded for the Patents as of December 31, 2018 should be 33,000, The amortization expense for 2019 should be 18,000 The total amortization recorded for the Patents as of December 31, 2019 should be 51,000
Furniture depreciation The total depreciation recorded for the Furniture as of December 31, 2018 should be 0,. The depreciation expense for 2019 should be 3,976, The total depreciation recorded for the Furniture as of December 31, 2019 should be 3,976, Machinery depreciation The total depreciation recorded for the Machinery as of December 31, 2018 should be 0, The depreciation expense for 2019 should be 4,197, The total depreciation recorded for the Machinery as of December 31, 2019 should be 4,197,
Account Bonds payable. Cash Commissions earned Common stock Consulting revenue earned Dividends Income taxes expense. Interest earned. Interest payable. Land Loss on sale/disposal. Mortgage payable. Rent earned. Retained earnings. Supplies Unearned rent. \begin{tabular}{rr} Balance \\ \hline & 88,850 \\ & 119,100 \\ 67,500 \\ & 233,300 \\ & 84,100 \\ & 51,000 \\ & 24,800 \\ & 80,800 \\ & 129,200 \\ & 70,500 \\ & 41,067 \\ & 20,500 \\ & 63,800 \\ & 73,200 \\ & 49,700 \\ & 124,500 \\ \hline \end{tabular} Account Bonds payable. Cash Commissions earned Common stock Consulting revenue earned Dividends Income taxes expense. Interest earned. Interest payable. Land Loss on sale/disposal. Mortgage payable. Rent earned. Retained earnings. Supplies Unearned rent. \begin{tabular}{rr} Balance \\ \hline & 88,850 \\ & 119,100 \\ 67,500 \\ & 233,300 \\ & 84,100 \\ & 51,000 \\ & 24,800 \\ & 80,800 \\ & 129,200 \\ & 70,500 \\ & 41,067 \\ & 20,500 \\ & 63,800 \\ & 73,200 \\ & 49,700 \\ & 124,500 \\ \hline \end{tabular}Step by Step Solution
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