At December 31, 2023, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. 1 There have been no disposals or betterments since the date of purchase. 2 Actual kilometres driven were: 2023, 14,000; 2024, 68,000. Required: Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.) Description Office Equip. Machinery Truck Date of Purchase March 27/20 June 4/20 Nov. 13/23 Cost information Depreciation Method Straight-line Double-declining- balance Units-of-production Cost1 $ 84,000 315,000 174,000 Residual $ 14,000 34,000 28,000 Life 10 yr. 6 yr. 400,000 sq. km2 Balance of Accum. Deprec. Dec. 31, 2023 40,000 X 239,706 5,110 Depreciation Depreciation Expense for 2024 7,000✔ 25,073 24,820 Balance of Accmu. Deprec. Dec. 31, 2024 33,250✔✔ 264,799✔ 29,930

At December 31, 2023, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. 1 There have been no disposals or betterments since the date of purchase. 2 Actual kilometres driven were: 2023, 14,000; 2024, 68,000. Required: Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.) Description Office Equip. Machinery Truck Date of Purchase March 27/20 June 4/20 Nov. 13/23 Cost information Depreciation Method Straight-line Double-declining- balance Units-of-production Cost1 $ 84,000 315,000 174,000 Residual $ 14,000 34,000 28,000 Life 10 yr. 6 yr. 400,000 sq. km2 Balance of Accum. Deprec. Dec. 31, 2023 40,000 X 239,706 5,110 Depreciation Depreciation Expense for 2024 7,000✔ 25,073 24,820 Balance of Accmu. Deprec. Dec. 31, 2024 33,250✔✔ 264,799✔ 29,930

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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