using the information can you create a balance sheet for 2020, these are sections Asset TypeDate of purchaseCostUseful life from the date of purchaseDepreciation/ Amortization methodApplicable depreciation rate The December 31st, 2020 cash balance was $324,800.The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the landat $1,000,000, the building at $400,000 and the parking lot at $100,000.In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.kms of useful life was left after 2020.Shortly after the patents were acquired the organization successfully defended the patent in court. Thiscost the organization $25,000.Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which readRissot soon after its purchase.

Assets: When a company expects to derive the benefits in the form of a cash stream over a long…

Answered: r 2020, these are sections Asset Type…

r 2020, these are sections Asset Type Date of purchase Cost Useful life from the date of purchase Depreciation/ Amortization me

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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Question

using the information can you create a balance sheet for 2020, these are sections

Asset Type

Date of purchase

Cost

Useful life from the date of purchase

Depreciation/ Amortization method

Applicable depreciation rate

The December 31st, 2020 cash balance was $324,800.
The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the land
at $1,000,000, the building at $400,000 and the parking lot at $100,000.
In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.
Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.
kms of useful life was left after 2020.
Shortly after the patents were acquired the organization successfully defended the patent in court. This
cost the organization $25,000.
Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.
Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which read
Rissot soon after its purchase.

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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