25pointseBookPrintReferencesUse the following table:Property, plant and equipment:LandBuilding¹Less: Accumulated depreciationEquipment²Less: Accumulated depreciationTotal property, plant and equipmentBig Sky FarmsPartial Balance SheetApril 30, 2023View transaction listThe building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the straight-line method.Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one.Journal entry worksheet<2The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month using the double-declining-balance method. The total estimated useful life is 10 years with a residual value of $200,000.2Required:1. Calculate and record depreciation for the year just ended April 30, 2024, for both the building and equipment.$742,000583,000670,000284,080Note: Enter debits before credits.Record entry$ 730,000DateGeneral JournalApr. 30, 2024 Depreciation expense, equipmentAccumulated depreciation, equipment159,000385,920$1,274,920Record the depreciation for equipment, for the year ended April 30, 2024.Clear entryDebitCreditView general journal 325pointseBookPrintReferencesUse the following table:Property, plant and equipment:LandBuilding¹Less: Accumulated depreciationEquipment²Less: Accumulated depreciationTotal property, plant and equipmentBig Sky FarmsPartial Balance SheetApril 30, 2023View transaction list¹The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the straight-line method.Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one.Journal entry worksheet12The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month using the double-declining-balance method. The total estimated useful life is 10 years with a residual value of $200,000.Required:1. Calculate and record depreciation for the year just ended April 30, 2024, for both the building and equipment.$742,000583,000670,000284,080Note: Enter debits before credits.$ 730,000DateGeneral JournalApr. 30, 2024 Depreciation expense, buildingAccumulated depreciation, buildingRecord entry159,000385,920$1,274,920Record the depreciation for the building, for the year ended April 30, 2024.Clear entryDebitCreditView general journal

Depreciation refers to the term which states that the value of asset is decreased or reduced because…

Big Sky Farms Partial Balance Sheet April 30, 2023 Property, plant and equipment: Land Building¹ Less: Accumulated depreciation Equipment2 Less: Accumulated depreciation Total property, plant and equipment $742,000 583,000 670,000 284,080 $ 730,000 159,000 385,920 $1,274,920 The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month balance method. The total estimated useful life is 10 years with a residual value of $200,000.

Big Sky Farms Partial Balance Sheet April 30, 2023 Property, plant and equipment: Land Building¹ Less: Accumulated depreciation Equipment2 Less: Accumulated depreciation Total property, plant and equipment $742,000 583,000 670,000 284,080 $ 730,000 159,000 385,920 $1,274,920 The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month balance method. The total estimated useful life is 10 years with a residual value of $200,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cop
Please find the depreciation expenses thanku
Required B & Required C please
Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 v #2 Aug. 30, 2020 Double-declining-balance 5,800 8 years 400 $ 1,125 x #3 Feb. 1, 2021 Sum-of-the-years'-digits 7,200 4 years 320 $ 1,147 x #4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $
DEPRECIATION OF FIXED ASSETS: ASSET INFO: use the following information for all of the depreciation related questions that follow. Keeping Kids Active Company, Inc makes playground balls for children. KKAC, Inc purchased and began using (placed in service) a piece of equipment to help the company make the balls on September 1, 2020. The equipment cost $56,000 to purchase, $4,000 for delivery and installation (combined). At the time of purchase, KKAC estimates this equipment will be used for 4 years and have a salvage value of $6,00O. KKAC expects to make 250,000 playground balls in total with this equipment. *** Determine the Asset Cost (acquisition cost) of this asset. Show your calculations on your PDF upload.
Please do not provide answer in image format thank you
DEPRECIATION OF FIXED ASSETS: ASSET INFO: use the following information for all of the depreciation related questions that follow. Keeping Kids Active Company, Inc makes playground balls for children. KKAC, Inc purchased and began using (placed in service) a piece of equipment to help the company make the balls on September 1, 2020. The equipment cost $56,000 to purchase, $4,000 for delivery and installation (combined). At the time of purchase, KKAC estimates this equipment will be used for 4 years and have a salvage value of $6,00O. KKAC expects to make 250,000 playground balls in total with this equipment. *** Determine the Asset Cost (acquisition cost) of this asset. Show your calculations on your PDF upload.
H1.
FIXED ASSET 1 On January 1, 2020, PT ABC acquired real estate on which it planned to construct a factory. The company paid $150,000 in cash. ABC paid $15,000 to tear down an old building on the land. The salvaged materials were sold for $2,000. Additional expenditures before construction began included $1,000 tax cost for land entitlement, $5,000 real estate broker's fee, $8,000 architect's fee, $870,000 construction cost, and $2,000 liability insurance during construction cost. a. Prepare entries to record the expenditures
b
None