Wolfpack, Inc. has the following financial statement disclosures related to its property, plant and equipment for the years ending December 31, 2019 an December 31, 2018. Dec 31, 2019 Dec 31, 2018 Land and improvements Buildings and improvements 227,202 228,057 1,233,850 1,164,384 Equipment Furniture, fixtures and other 669,473 654,779 738.263 Gross property, plant & equipment $2,868,788 713.505 $2,760,725 Accumulated depreciation (1.362.623) $ 1,398,102 (1.667.138) Net property, plant & equipment $ 1,201,650 Annual depreciation expense $ 304,515 $ 291,203 What are the estimates for the total useful life, age, and remaining useful life of the company's depreciable assets as of December 31, 2019? O a. Total useful life = 9.4 years; Age of depreciable assets - 5.5 years; Remaining useful life = 3.2 years. O b. Total useful life = 9.4 years; Age of depreciable assets = 6.3 years; Remaining useful life =2.4 years. OC Total useful life = 8.7 years; age of depreciable assets = 5.5 years; remaining useful life 3.2 years. O d. Total useful life 8.7 years: age of depreciable assets - 6.3 years; remaining useful life - 3.2 years. O e. Total useful life = 8.7 years; age of depreciable assets - 6.3 years; remaining useful life = 2.4 years.
Wolfpack, Inc. has the following financial statement disclosures related to its property, plant and equipment for the years ending December 31, 2019 an December 31, 2018. Dec 31, 2019 Dec 31, 2018 Land and improvements Buildings and improvements 227,202 228,057 1,233,850 1,164,384 Equipment Furniture, fixtures and other 669,473 654,779 738.263 Gross property, plant & equipment $2,868,788 713.505 $2,760,725 Accumulated depreciation (1.362.623) $ 1,398,102 (1.667.138) Net property, plant & equipment $ 1,201,650 Annual depreciation expense $ 304,515 $ 291,203 What are the estimates for the total useful life, age, and remaining useful life of the company's depreciable assets as of December 31, 2019? O a. Total useful life = 9.4 years; Age of depreciable assets - 5.5 years; Remaining useful life = 3.2 years. O b. Total useful life = 9.4 years; Age of depreciable assets = 6.3 years; Remaining useful life =2.4 years. OC Total useful life = 8.7 years; age of depreciable assets = 5.5 years; remaining useful life 3.2 years. O d. Total useful life 8.7 years: age of depreciable assets - 6.3 years; remaining useful life - 3.2 years. O e. Total useful life = 8.7 years; age of depreciable assets - 6.3 years; remaining useful life = 2.4 years.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help!
Transcribed Image Text:Wolfpack, Inc. has the following financial statement disclosures related to its property, plant and equipment for the years ending December 31, 2019 and
December 31, 2018.
Dec 31. 2019
Dec 31, 2018
Land and improvements
227,202
228,057
Buildings and improvements
1,233,850
1,164,384
Equipment
Furniture, fixtures and other
Gross property, plant & equipment $2,868,788
669,473
654,779
738,263
713,505
$ 2,760,725
(1.362.623)
$ 1,398,102
Accumulated depreciation
(1.667.138)
Net property, plant & equipment
$ 1,201,650
Annual depreciation expense
$ 304,515
$ 291,203
What are the estimates for the total useful life, age, and remaining useful life of the company's depreciable assets as of December 31, 20197
O a. Total useful life = 9.4 years; Age of depreciable assets 5.5 years; Remaining useful life = 3.2 years.
Ob.Total useful life = 9.4 years; Age of depreciable assets = 6.3 years; Remaining useful life = 2.4 years.
OC. Total useful life 8.7 years; age of depreciable assets = 5.5 years; remaining useful life = 3.2 years.
O d. Total useful life 8.7 years; age of depreciable assets - 6.3 years; remaining useful life = 3.2 years.
O e. Total useful life = 8.7 years; age of depreciable assets - 6.3 years; remaining useful life =2,4 years.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education