Exercise 4-5 (Part Level Submission) Acadia Inc. owns the following long-lived assets: Asset Vehicles Equipment Date Purchased Cost Jan. 1, 2017 $33,000 July 1, 2018 12,000 Estimated Useful Life 3 years 5 years

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 4-5 (Part Level Submission)
Acadia Inc. owns the following long-lived assets:
Asset Date Purchased Cost
Vehicles
$33,000
Equipment
12,000
Jan. 1, 2017
July 1, 2018
Estimated Useful Life
3 years
5 years
Transcribed Image Text:Exercise 4-5 (Part Level Submission) Acadia Inc. owns the following long-lived assets: Asset Date Purchased Cost Vehicles $33,000 Equipment 12,000 Jan. 1, 2017 July 1, 2018 Estimated Useful Life 3 years 5 years
(b)
For each asset, calculate its accumulated depreciation and carrying
carrying a
Vehicles
Equipment
Accumulated depreciation
Carrying amount
$
amount at December 31, 2018.
Transcribed Image Text:(b) For each asset, calculate its accumulated depreciation and carrying carrying a Vehicles Equipment Accumulated depreciation Carrying amount $ amount at December 31, 2018.
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