1. Calculate and record depreciation for the year just ended April 30, 2015, for both the building...
Question:
1. Calculate and record depreciation for the year just ended April 30, 2015, for both the building and equipment.
2. Prepare the property, plant and equipment section of the balance sheet at April 30,2015.
Transcribed Image Text:
BigSky Farms Partial Balance Sheet April 30, 2014 Property, plant and equipment: Land. $975,000 715,000 750,000 318,000 $650,000 260,000 432,000 Equipment Less: Accumulated depreciation... Total property, plant and equipment... $1,342,000 1 The building was purchased on May 3, 2003, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 15-year life, after which it will be demolished and replaced with a new one. 2 The equipment was purchased on November 3, 2011, 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 $250,000
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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