Homework Answers
Answers:
| Depreciation | ||
| 2018 | 2019 | |
| Building | $ 128,250.00 | $ 171,000.00 |
| Furniture and fixtures | $ 49,500.00 | $ 66,000.00 |
| Office Equipment | $ 123,000.00 | $ 164,000.00 |
| Calculation of cost of Building |
| =(2/3)*10,800,000 |
| =7,200,000 |
| Calculation of Residual value of Building |
| = 5% of Cost 7,200,000 |
| =360,000 |
| Calculation of yearly depreciation of Building under straight line method |
| =(Cost of asset - residual value of asset) / Life of asset in years |
| =(7,200,000 - 360,000) / 40 |
| =6,840,000 / 40 |
| =171,000 |
| For 2018 (For 9 months): |
| =171,000 X (9/12) |
| =128,250 |
| For 2019 is 171,000 |
| Calculation of yearly depreciation of Furniture fixture and office equipment under double declining balance method |
| Double Declining Balance Formula = 2 X Cost of the asset/Useful Life |
| For Furniture and fixtures |
| Asset Value : 1,320,000 |
| Life of the Asset : 20 |
| Yearly Depreciation = 2 X (1,320,000 / 20) |
| Yearly Depreciation = 66,000 |
| For 2018 = 66,000 X (9/12) = 49,500 |
| For office equipment |
| Asset Value : 820,000 |
| Life of the Asset : 10 |
| Yearly Depreciation = 2 X (820,000 / 10) |
| Yearly Depreciation = 164,000 |
| For 2018 = 164,000 X (9/12) = 123,000 |
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! On March 31, 2021,...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
On March 31, 2021, Susquehanna Insurance purchased an office building for $12,300,000. Based on their relative falr values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,210,000 and $710,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all...
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