BE11.8 (LO 3) DAIS Excel Video The following information about the fixed assets for Iqra Books Inc. has been provided to you. Iqra uses straight-line depreciation. The assets were acquired on January 1 and have no residual value.AssetOffice buildingWarehouseCost$5,000,000$12,000,000Useful Life at Date of Acquisition Useful Life Remaining at December 31, 202210 years8 years15 years10 yearsa. Using the SLN() function in Excel, calculate the depreciation expense for the office building and warehouse for the year ended December 31, 2022 (rounded to two decimal places).b. Using Excel, calculate the accumulated depreciation and the carrying amount for the year ended December 31, 2022 (rounded to two decimal places).

BE11.8 (LO.3) DAIS Excel Video The following information about the fixed assets for Iqra Books Inc. has been provided to you. Iqra uses straight-line depreciation. The assets were acquired on January 1 and have no residual value. Cost $5,000,000 $12,000,000 Useful Life at Date of Acquisition Useful Life Remaining at December 31, 2022 15 years 10 years 10 years 8 years Asset Office building Warehouse. a. Using the SLN() function in Excel, calculate the depreciation expense for the office building and warehouse for the year ended December 31, 2022 (rounded to two decimal places). b. Using Excel, calculate the accumulated depreciation and the carrying amount for the year ended December 31, 2022 (rounded to two decimal places).

BE11.8 (LO.3) DAIS Excel Video The following information about the fixed assets for Iqra Books Inc. has been provided to you. Iqra uses straight-line depreciation. The assets were acquired on January 1 and have no residual value. Cost $5,000,000 $12,000,000 Useful Life at Date of Acquisition Useful Life Remaining at December 31, 2022 15 years 10 years 10 years 8 years Asset Office building Warehouse. a. Using the SLN() function in Excel, calculate the depreciation expense for the office building and warehouse for the year ended December 31, 2022 (rounded to two decimal places). b. Using Excel, calculate the accumulated depreciation and the carrying amount for the year ended December 31, 2022 (rounded to two decimal places).

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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Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) * Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Depreciation Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?
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