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Wildhorse Snowboarding Company, a public company, purchased equipment on January 10, 2017, for $700,000. At that time. management estimated that the equipment would have a
Wildhorse Snowboarding Company, a public company, purchased equipment on January 10, 2017, for $700,000. At that time. management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Wildhorse uses the straight-line method of depreciation and has a December 31 year end. Wildhorse tested the equipment for impairment on December 31, 2021, after recording the annual depreciation expense. It was determined that the equipment's recoverable amount was $304,000, and that the total estimated useful life would be eight years instead of 10, with a residual value of $10,000 instead of $50,000. What will appear on Wildhorse's 2021 balance sheet with regard to this equipment? Wildhorse Snowboarding Company Balance Sheet (Partial) Assets > Assuming no further impairments or recoveries, calculate the annual depreciation expense for the years 2022 to 2024. Round depreciation rate to 2 decimal places, eg. 15.75 and final answers to decimal places, eg. 5,275.) Depreciation Expense 2022 $ 2023 $ 2024 $
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