Current Attempt in Progress In its first year f business, Buffalo purchased land, a building, and equipment on March 5, 2023, for $612,000 in total. The land was valued at $266,213, the building at $318,157, and the equipment at $64,930. Additional information on the depreciable assets follows: Asset Building Equipment (a) ✓ Your answer is correct. Land Building Residual Value Useful Life in Years $25,080 5,000 Allocate the purchase cost of the land, building, and equipment to each of the assets. (b1) Equipment $ eTextbook and Media. ✓ Your answer is correct. $ Building $ $ Equipment $ (b2) eTextbook and Media Building $ 60 Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. 2023 Equipment $ 8 Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming depreciation is calculated to the nearest month. (Round answers to 0 decimal places, e.g. 5,275.) 250920 299880 2023 61200 3817 12750 $ Depreciation Method $ Straight-line Double diminishing-balance Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. $ Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming a half-year's depreciation is recorded in the year of acquisition. (Round answers to O decimal places, e.g. 5,275.) $ 2024 4580 12113 2024
Current Attempt in Progress In its first year f business, Buffalo purchased land, a building, and equipment on March 5, 2023, for $612,000 in total. The land was valued at $266,213, the building at $318,157, and the equipment at $64,930. Additional information on the depreciable assets follows: Asset Building Equipment (a) ✓ Your answer is correct. Land Building Residual Value Useful Life in Years $25,080 5,000 Allocate the purchase cost of the land, building, and equipment to each of the assets. (b1) Equipment $ eTextbook and Media. ✓ Your answer is correct. $ Building $ $ Equipment $ (b2) eTextbook and Media Building $ 60 Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. 2023 Equipment $ 8 Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming depreciation is calculated to the nearest month. (Round answers to 0 decimal places, e.g. 5,275.) 250920 299880 2023 61200 3817 12750 $ Depreciation Method $ Straight-line Double diminishing-balance Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. $ Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming a half-year's depreciation is recorded in the year of acquisition. (Round answers to O decimal places, e.g. 5,275.) $ 2024 4580 12113 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
In its first year of business, Buffalo purchased land, a building, and equipment on March 5, 2023, for $612,000 in total. The land was
valued at $266,213, the building at $318,157, and the equipment at $64,930. Additional information on the depreciable assets
follows:
Asset
Building
Equipment
(a)
✓ Your answer is correct.
Land
Building
Residual Value
$25,080
5,000
(b1)
Allocate the purchase cost of the land, building, and equipment to each of the assets.
Equipment $
eTextbook and Media
$
$
✓ Your answer is correct.
Building $
Equipment $
(b2)
eTextbook and Media
Useful Life in Years
2023
Building $
Equipment $
60
8
Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the
year.
250920
Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming depreciation is calculated to the
nearest month. (Round answers to O decimal places, e.g. 5,275.)
2023
299880
61200
3817
Depreciation Method
12750
Straight-line
Double diminishing-balance
$
$
2024
Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the
year.
Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming a half-year's depreciation is recorded
in the year of acquisition. (Round answers to O decimal places, e.g. 5,275.)
4580
12113
2024
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