Homework Answers
| 28 | Book value after 4 years of depreciation = | ($26460-$3500)/8*4 | ||
| $11480 | ||||
| Depreciation for 5th year = | Remaining book value/Remaining useful life | |||
| $11480/2 | ||||
| $5740 | ||||
| Option D is correct | ||||
| 29 | Annual Depreciation = | ($29000-$3400)/4 | ||
| $6400 | ||||
| Asset ahs been used only for 9 month in year 1 because asset is purchased in april. | ||||
| Year 1 depreciation = | $6400*9/12 | |||
| $4800 | ||||
| Year 2 depreciation | $6400 | |||
| Year 2 depreciation | $6400 | |||
| Accumulated depreciation on this asset on December 31, year 3 | ||||
| $4800+$6400+$6400 | ||||
| $17600 | ||||
| Option B is correct | ||||
| 30 | Total appraised value of assets = | $62000+$45000+$18000 | ||
| $125000 | ||||
| Total cost of asset = | $100000 | |||
| Cost of each asset shall be allocated on the basis of the appraised value as follows: | ||||
| Cost of land = | $45000/$125000*$100000 | |||
| $36000 | ||||
| Option A is correct | ||||
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