At December 31, 2013 Stake Technology Inc.'sbalance sheet showed plant and equipmentinformation as detailed in the schedule below.Stake Technology Inc. calculates depreciationto the nearest whole month.Please complete the schedule. Rounddepreciation per unit of production to thenearest cent.Cost InformationDepreciationAccum. Dep. Dep. Expense Accum. Dep.Dec. 31, 2013 for 2014Description Purchase Date Depreciation Method Cost ResidualEquipment May 3, 2010LifeDec. 31, 2014Straight-line154,000 10,0005 years271,000Machinery May 3, 2013Double-decliningbalance120,000 10,0005 yearsV Enterx CancelUnits of productionTrucksJuly 5, 2012286,900 10,000 923,000 kmThere have been no disposals or subsequentcapital expenditures on the asset since thedate of purchase.The kilometres the truck was actually drivenwere as follows:2012:271,0002013:273,0002014:147,000For simplicity, assume that the asset isdepreciated as an individual item and will notbe broken down into parts and depreciated.

Name: At December 31, 2013 Stake Technology Inc.'sbalance sheet showed plan
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Description: At December 31, 2013 Stake Technology Inc.'sbalance sheet showed plant and equipmentinformation as detailed in the schedule below.Stake Technology Inc. calculates depreciationto the nearest whole month.Please complete the schedule. Rounddepreciation

depreciation as per SLM = (cost of the asset - salvage value) / asset useful life depreciation as…

Business

Accounting

Stake Technology Inc. calculates depreciation to the nearest whole month. Please complete the schedule. Round depreciation per unit of production to the nearest cent. Cost Information Depreciation Accum. Dep. Dep. Expense Accum. Dep. Dec. 31, 2013 for 2014 271,000 Description Purchase Date Depreciation Method Cost Residual Life Dec. 31, 2014 Equipment May 3, 2010 Straight-line Machinery May 3, 2013 154,000 10,000 5 years Double-declining balance 120,000 10,000 5 years Enter x Cancet Trucks Units of production 286,900 10,000 923,000 km July 5, 2012 There have been no disposals or subsequent capital expenditures on the asset since the date of purchase. The kilometres the truck was actually driven were as follows: 2012:271,000 2013:273,000 2014:147,000 For simplicity, assume that the asset is depreciated as an individual item and will not be broken down into parts and depreciated.

Stake Technology Inc. calculates depreciation to the nearest whole month. Please complete the schedule. Round depreciation per unit of production to the nearest cent. Cost Information Depreciation Accum. Dep. Dep. Expense Accum. Dep. Dec. 31, 2013 for 2014 271,000 Description Purchase Date Depreciation Method Cost Residual Life Dec. 31, 2014 Equipment May 3, 2010 Straight-line Machinery May 3, 2013 154,000 10,000 5 years Double-declining balance 120,000 10,000 5 years Enter x Cancet Trucks Units of production 286,900 10,000 923,000 km July 5, 2012 There have been no disposals or subsequent capital expenditures on the asset since the date of purchase. The kilometres the truck was actually driven were as follows: 2012:271,000 2013:273,000 2014:147,000 For simplicity, assume that the asset is depreciated as an individual item and will not be broken down into parts and depreciated.

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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