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this is one whole question In its first year of business, Pearl purchased land, a building, and equipment on March 5, 2023, for $660,000 in
this is one whole question
In its first year of business, Pearl purchased land, a building, and equipment on March 5, 2023, for $660,000 in total. The land was valued at $290,640, the building at $332,160, and the equipment at $69,200. Additional information on the depreciable assets follows: Allocate the purchase cost of the land, building, and equipment to each of the assets. Pearl has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year, Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming depreciation is caiculated to the nearest month. (Round answers to 0 decimal ploces, es. 5,275) Pearl has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming a half-year's depreciation is recorded in the year of acquisition. (Round answers to 0 decimial places, e.8. 5.275.) Which policy should Pearl follow in the year of acquisition: recording depreciation to the nearest month or recording a half year of depreciation Step by Step Solution
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