The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and amortization. Asset Acquisition Cost Expected Life Residual Value Time Used Land $104,300 Infinite $100,000 10 years Building 430,000 25 years 30,000 10 years Machine 285,000 5 years 10,000 2 years Patent 80,000 10 years 3 years Truck 21,000 100,000 miles 3,000 44,000 miles

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and
amortization.
Asset Acquisition Cost Expected Life Residual Value Time Used
Land
$104,300
Infinite
$100,000
10 years
Building
430,000
25 years
30,000
10 years
Machine
285,000
5 years
10,000
2 years
Patent
80,000
10 years
3 years
Truck
21,000
100,000 miles
3,000
44,000 miles
Transcribed Image Text:The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and amortization. Asset Acquisition Cost Expected Life Residual Value Time Used Land $104,300 Infinite $100,000 10 years Building 430,000 25 years 30,000 10 years Machine 285,000 5 years 10,000 2 years Patent 80,000 10 years 3 years Truck 21,000 100,000 miles 3,000 44,000 miles
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