Question

apter 9 Lab 6 Help Save & Exit Use the following table: 25 $ 120,000 Big Sky Tans Partial Balance Sheet April 30, 2020 Property. plant and equipment Land Building LASSE Accumulated depreciation Aquipment? Last Accumulated depreciation Total property, plant and equipment $728.000 572.000 660,000 279,840 156.000 900 160 $1,256,160 The building 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. 2 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 residual value of $200,000 Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment. View transaction list Journal entry worksheet Record the depreciation for the building, for the year ended Apr 30, 2021. < Prey 25 of 28 !!! Next >

Answer 1

1
Date	General Journal	Debit	Credit
Apr 30	Depreciation Expense	$52,000
	Accumulated Depreciation - Building		$52,000
	($728,000/14 years)
Apr 30	Depreciation Expense	$50,787
	Accumulated Depreciation - Equipment		$50,787
	[($660,000 - $152,130) x 10%]
	BIG SKY FARMS
	Partial Balance Sheet
	April 30, 2021
	Property, plant, and equipment
	Land		$720,000
	Building	$728,000
	Less: Accumulated Depreciation	$624,000	$104,000
	Building	$660,000
	Less: Accumulated Depreciation	$330,627	$329,373
	Total property, plant, and equipment		$1,153,373