Question: Laidlaw Trucking purchased on October 1 2014 110 000 of furniture

Laidlaw Trucking purchased on October 1, 2014, $110,000 of furniture that was put into service on November 10, 2014. The furniture will be used for five years and then donated to a charity. Complete the schedule below by calculating annual depreciation for 2014, 2015, and 2016, applying the half-year convention for partial periods. The year-end is December 31.

Analysis Component: What effect would it have on the 2014 financial statements if the furniture had been debited to an expense account when purchased instead of being recorded asPPE?
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  • CreatedJanuary 08, 2015
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