Homework Answers
| Depreciation rate =1 / 20 years =5%*2 =10% | ||||
| Depreciation for 2019 =$448,000*10% =$44,800 | ||||
| Depreciation for 2020 =($448,000 - $44,800)*10% =$40,320 | ||||
| Depreciation for 2021 =($448,000 - $44,800 - $40,320)*10% =$36,288 | ||||
| Book value as on December 31,2021 =$448,000 - 44,800 - 40,320 - 36,288 =$326,592 | ||||
| Transaction | Account and explanation | Debit | Credit | |
| 1 | Depreciation expenses | $36,288 | ||
| Accumulated Depreciation-Building | $36,288 | |||
| 2 | Amortization expenses($190,000/5 years) | $38,000 | ||
| Accumulated amortization-Patent | $38,000 | |||
| SOLICH SANDWICH SHOP | ||||
| December 31, 2021 | ||||
| Book Value | ||||
| Land | $83,000 | |||
| Building(Calculated above) | $3,26,592 | |||
| Equipment($202,400 - $23,800) | $1,78,600 | |||
| Patent($114,000 - $38,000) | $76,000 | |||
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Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation...
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At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
At December 31, 2020, Cord Company's plant asset and accumulated
depreciation and amortization accounts had balances as follows:
Category
Plant Asset
Accumulated Depreciation
and Amortization
Land
$
185,000
$
—
Buildings
2,000,000
338,900
Equipment
1,625,000
327,500
Automobiles and trucks
182,000
110,325
Leasehold improvements
236,000
118,000
Land improvements
—
—
Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Equipment—Straight line; 10 years.
Automobiles and trucks—200% declining balance; 5 years, all
acquired after 2017.
Leasehold improvements—Straight line.
Land improvements—Straight line....
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At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
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At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
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At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
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At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
At December 31, 2020, Cord Company's plant asset and accumulated
depreciation and amortization accounts had balances as follows:
Category
Plant Asset
Accumulated Depreciation
and Amortization
Land
$
185,000
$
—
Buildings
2,000,000
338,900
Equipment
1,625,000
327,500
Automobiles and trucks
182,000
110,325
Leasehold improvements
236,000
118,000
Land improvements
—
—
Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Equipment—Straight line; 10 years.
Automobiles and trucks—200% declining balance; 5 years, all
acquired after 2017.
Leasehold improvements—Straight line.
Land improvements—Straight line....
At December 31, 2020, Cord Company's plant asset and accumulated
depreciation and amortization accounts had balances as follows:
Category
Plant Asset
Accumulated Depreciation
and Amortization
Land
$
185,000
$
—
Buildings
2,000,000
338,900
Equipment
1,625,000
327,500
Automobiles and trucks
182,000
110,325
Leasehold improvements
236,000
118,000
Land improvements
—
—
Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Equipment—Straight line; 10 years.
Automobiles and trucks—200% declining balance; 5 years, all
acquired after 2017.
Leasehold improvements—Straight line.
Land improvements—Straight line....
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 165,000 1,000,000 625,000 162,000 196,000 318,900 307,500 90,325 98,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 178,000 1,650,000 1,275,000 175,000 Accumulated Depreciation and Amortization $ - 331,900 320,500 103,325 222,000 111,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 185,000 2,000,000 1,625,000 182,000 Accumulated Depreciation and Amortization $ - 338,900 327,500 110,325 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 181,000 1,800,000 1,425,000 178,000 228,000 334,900 323,500 106,325 114,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017 Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 178,000 1,650,000 1,275,000 175,000 222,000 331,900 320,500 103,325 111,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows Plant Asset $ 182,000 Accumulated Depreciation and Amortization $ Category Land Land improvements Buildings Equipment Automobiles and trucks Leasehold improvements 1,850,000 1,475,000 179,000 230,000 335,900 324,500 107,325 115,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements—Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated
depreciation and amortization accounts had balances as follows:
Category
Plant Asset
Accumulated Depreciation
and Amortization
Land
$
185,000
$
—
Buildings
2,000,000
338,900
Equipment
1,625,000
327,500
Automobiles and trucks
182,000
110,325
Leasehold improvements
236,000
118,000
Land improvements
—
—
Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Equipment—Straight line; 10 years.
Automobiles and trucks—200% declining balance; 5 years, all
acquired after 2017.
Leasehold improvements—Straight line.
Land improvements—Straight line....
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