[The following information applies to the questions displayed below.] Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated Cost Depreciation Book Value Land $ 69,000 $ 69,000 Building Equipment Patent 544,000 131,600 85,000 $(195,840) (26,800) (34,000) 348,160 104,800 51,000 Togo's purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 9- year useful life using the straight-line method with an estimated residual value of $11,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2019 and 202o. 3. Calculate the book value for each of the four long-term assets at December 31, 2021. TOGO'S SANDWICH SHOP December 31, 2021 Book Value Land 69,000 Building Equipment Patent

[The following information applies to the questions displayed below.] Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated Cost Depreciation Book Value Land $ 69,000 $ 69,000 Building Equipment Patent 544,000 131,600 85,000 $(195,840) (26,800) (34,000) 348,160 104,800 51,000 Togo's purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 9- year useful life using the straight-line method with an estimated residual value of $11,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2019 and 202o. 3. Calculate the book value for each of the four long-term assets at December 31, 2021. TOGO'S SANDWICH SHOP December 31, 2021 Book Value Land 69,000 Building Equipment Patent

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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