Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

We own a swimming pool business and install high-end specialty inground pools for homeowners. We have purchased the following: Used 2014 Bobcat Skidsteer Loader on

We own a swimming pool business and install high-end specialty inground pools for homeowners. We have purchased the following: Used 2014 Bobcat Skidsteer Loader on 01/01/2019 for $35,000. It had 1392 hours on it when we purchased it, and carried a blue book value on it of $41,000 at that time. The life-expectancy for it is about 5,000 hours total or about 4 years as of the date we purchased it. In 2019 we put 945 hours on it. 2020 we had 1178 hours. 2021 we had 1424 hours. 2022 it refused to start up for us when we began the work season, and we did not have time to fix it, so it sat while we paid to lease equipment.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Reporting Standards A Practical Guide

Authors: Hennie Van Greuning, Darrel Scott, Simonet Terblanche

6th Edition

0821384287, 978-0821384282

More Books

Students also viewed these Accounting questions