Victor Mineli, the new controller of Sheffield Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $810,000 116,000 Your answer is partially correct. Dec. 31 Date Account Titles and Explanation Accumulated Depreciation Jan. 1, 2022 Accumulated Depreciation-Buildings $154,600 22,360 Useful life (in years) Old 40 25 Proposed 58 20 Prepare the entry to record depreciation on the building in 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Salvage Value 16500 Old $37,000 4,200 Proposed $50,400 27,640 Credit 16500

Q: OCF analysis

A: Operating Cashflow Analysis  = Net Income + Depreciation and Amortization- Net Working capital

Q: Describe about the LIFO and FIFO method.

A:

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Q: What is data mining?

A:

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.