Big Sky Farms Partial Balance Sheet April 30, 2023 1 The building was purchased on May 3,

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Big Sky Farms Partial Balance Sheet April 30, 2023


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The building was purchased on May 3, 2012, 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.


The equipment was purchased on November 3, 2020, 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, 2024, for both the building and equipment.


2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2024.

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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