answer in text form please (without image) Little Giant, Inc. recently started operations and has purchased the following assets on 01/01/19Salvage ValueAssetDelivery Truck $85,432Maintenance Truck $45,320Buildings and Land $250,000ComputerEquipmentOffice FurnitureManufacturingEquipmentTotals$5,432Cost$5,324$1,880,320$2,271,828$10,000$5,000$50,000$500$200,000$265,5005 years5 years40 Years3 Years7 YearsLife7 yearsNoteLand porting is$10,000The CFO wants you to compute the different options to depreciate these assets FOR THE FIRSTYEAR ONLY. Provide a report showing the differences between:A) Straight Line DepreciationB) Double Declining Balance

Depreciation is the value of the asset when it is decreased during the year due to use and wear and…

Little Giant, Inc. recently started operations and has purchased the following assets on 01/01/19 Salvage Value Asset Delivery Truck Office Furniture Maintenance Truck $45,320 Buildings and Land $250,000 Computer Equipment Manufacturing Equipment Totals $85,432 $5,432 Cost $5.324 $1,880,320 $2,271,828 A) Straight Line Depreciation B) Double Declining Balance $10,000 $5,000 $50,000 $500 $200,000 $265,500 5 years 5 years 40 Years 3 Years 7 Years Life 7 years Note Land porting is $10,000 The CFO wants you to compute the different options to depreciate these assets FOR THE FIRST YEAR ONLY. Provide a report showing the differences between:

Little Giant, Inc. recently started operations and has purchased the following assets on 01/01/19 Salvage Value Asset Delivery Truck Office Furniture Maintenance Truck $45,320 Buildings and Land $250,000 Computer Equipment Manufacturing Equipment Totals $85,432 $5,432 Cost $5.324 $1,880,320 $2,271,828 A) Straight Line Depreciation B) Double Declining Balance $10,000 $5,000 $50,000 $500 $200,000 $265,500 5 years 5 years 40 Years 3 Years 7 Years Life 7 years Note Land porting is $10,000 The CFO wants you to compute the different options to depreciate these assets FOR THE FIRST YEAR ONLY. Provide a report showing the differences between:

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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