At December 31, 2023, Halifax Servicing's balance sheet showed capital asset information as detailed in the...
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At December 31, 2023, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. There have been no disposals or betterments since the date of purchase. Actual kilometres driven were: 2023, 14,000; 2024, 68,000. Required: Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.) Description Office Equip. Machinery Truck Date of Purchase March 27/20 June 4/20 Nov. 13/23 Cost information Depreciation Method Straight-line Double-declining-balance Units-of-production Cost1 Residual Life $ 84,000 $ 14,000 315,000 10 yr. 6 yr. 34,000 174,000 28,000 400,000 sq. km2 Balance of Accum. Deprec. Dec. 31, 2023 Depreciation Depreciation Expense for 2024 Balance of Accmu. Deprec. Dec. 31, 2024 At December 31, 2023, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. There have been no disposals or betterments since the date of purchase. Actual kilometres driven were: 2023, 14,000; 2024, 68,000. Required: Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.) Description Office Equip. Machinery Truck Date of Purchase March 27/20 June 4/20 Nov. 13/23 Cost information Depreciation Method Straight-line Double-declining-balance Units-of-production Cost1 Residual Life $ 84,000 $ 14,000 315,000 10 yr. 6 yr. 34,000 174,000 28,000 400,000 sq. km2 Balance of Accum. Deprec. Dec. 31, 2023 Depreciation Depreciation Expense for 2024 Balance of Accmu. Deprec. Dec. 31, 2024
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Posted Date:
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