Question
The following information is available from M & M Corp .: Information from the Balance Sheet: 2020 2019 Depreciable Assets $2,458,600 $1,985,400 Accumulated Depreciation (1,350,700)
The following information is available from M & M Corp.:
| Information from the Balance Sheet: |
|
|
|
| 2020 | 2019 |
| Depreciable Assets | $2,458,600 | $1,985,400 |
| Accumulated Depreciation | (1,350,700) | (1,046,000) |
| Depreciable Assets (Net) | $1,107,900 | $939,400 |
| From the Income Statement | 2020 |
| Depreciation Expense | $384,500 |
Use the information above to calculate the following:
a. Average age of the depreciable assets?
b. Average remaining useful life of the depreciable assets?
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Financial and managerial accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
1st edition
111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114
