Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Cost AccumulatedDepreciation Book Value Land $74,000 − $74,000 Building 549,000 $(104,310) 444,690 Equipment 122,200 (27,800) 94,400 Patent 97,500 (39,000) 58,500 Togo's purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 8-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 2020. 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 Building Equipment Patent
Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Cost AccumulatedDepreciation Book Value Land $74,000 − $74,000 Building 549,000 $(104,310) 444,690 Equipment 122,200 (27,800) 94,400 Patent 97,500 (39,000) 58,500 Togo's purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 8-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 2020. 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 Building Equipment Patent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:
| Cost | AccumulatedDepreciation | Book Value | |
| Land | $74,000 | − | $74,000 |
| Building | 549,000 | $(104,310) | 444,690 |
| Equipment | 122,200 | (27,800) | 94,400 |
| Patent | 97,500 | (39,000) | 58,500 |
Togo's purchased all the assets at the beginning of 2019 (3 years ago). The building is
3. Calculate the book value for each of the four long-term assets at December 31, 2021.
|
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