GIPI purchased a gymnasium building and gym equipment on 1/02 for $55,000, 80% of which related to
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GIPI purchased a gymnasium building and gym equipment on 1/02 for $55,000, 80% of which related to the gymnasium and 20% to the equipment.
GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $4,500. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $4,000 at the end of its four-year useful life.
Record depreciation on 1/31 equal to one-twelfth the yearly amount.
What is the equipments accumulated depreciation?
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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