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Use the following table: Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land $ 728,900 Building Less: Accumulated depreciation $728,900 572,000 156,000 Equipment? Less: Accumulated depreciation 660,000 279,840 380,160 $1,256,160 Total property, plant and equipment The bullding was purchased on May 3, 2009, and Is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. The equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a resldual value of $200,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the bullding and equipment

Use the following table: Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land $ 728,900 Building Less: Accumulated depreciation $728,900 572,000 156,000 Equipment? Less: Accumulated depreciation 660,000 279,840 380,160 $1,256,160 Total property, plant and equipment The bullding was purchased on May 3, 2009, and Is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. The equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a resldual value of $200,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the bullding and equipment

FINANCIAL ACCOUNTING
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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Please answer competely required 1,2

Record the depreciation for the building, for the year ended April 30, 2021. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 30, 2021 Record entry Clear entry View general journal 2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2021 BIG SKY FARMS Partial Balance Sheet April 30, 2021 Property, plant and equipment: Land Building Equipment Total property plant and equipment
Transcribed Image Text:Record the depreciation for the building, for the year ended April 30, 2021. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 30, 2021 Record entry Clear entry View general journal 2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2021 BIG SKY FARMS Partial Balance Sheet April 30, 2021 Property, plant and equipment: Land Building Equipment Total property plant and equipment
Problem 9-7A Calculating depreciation LO2 Use the following table: Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land $ 720,980 Building? Less: Accumulated depreciation $728,980 572,000 660,000 156,000 Equipment? Less: Accumulated depreciation 279,840 380,160 $1,256,160 Total property, plant and equipment The bullding was purchased on May 3, 2009, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it wiII be demolished and replaced with a new one. ZThe equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $200,000. Required: 1. Calculate and record depreclation for the year Just ended April 30, 2021, for both the bullding and equipment View transaction list Journal entry worksheet > Record the depreciation for the building, for the year ended April 30, 2021. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30, 2021
Transcribed Image Text:Problem 9-7A Calculating depreciation LO2 Use the following table: Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land $ 720,980 Building? Less: Accumulated depreciation $728,980 572,000 660,000 156,000 Equipment? Less: Accumulated depreciation 279,840 380,160 $1,256,160 Total property, plant and equipment The bullding was purchased on May 3, 2009, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it wiII be demolished and replaced with a new one. ZThe equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $200,000. Required: 1. Calculate and record depreclation for the year Just ended April 30, 2021, for both the bullding and equipment View transaction list Journal entry worksheet > Record the depreciation for the building, for the year ended April 30, 2021. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30, 2021
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