At April 30, 2023, Hackney Building Products year-end, the balance sheet showed PPE information as detailed in
Question:
At April 30, 2023, Hackney Building Products’ year-end, the balance sheet showed PPE information as detailed in the schedule below. The company calculates depreciation for partial periods using the half-year convention.
RequiredComplete the schedule.
Transcribed Image Text:
Description Date of Purchase Equipment Oct. 3/2020 Machinery Oct. 28/2020 Nov. 3/2020 Tools Cost Information Depreciation Method Straight-line Units-of-production Double-declining- balance Cost¹ Residual $ 62,400 $ 16,800 540,000 180,000 Life 20 yr. 100,000 units 64,000 15,000 5 yr. Depreciation Balance of Accum. Deprec. Depreciation Expense Balance of Accum. Deprec. April 30, 2023 for 2024 April 30, 2024 1 There have been no disposals or betterments since the date of purchase. 2 Actual units produced were (for years ended April 30): 2021, 940; 2022, 10,150; 2023, 9,280; 2024, 10,590.
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Description Date of Purchase Equipment Oct 320 Machinery Oct 2820 Tools Nov 320 Cost I...View the full answer
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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