1. Calculate and record depreciation for the year just ended December 31, 2015, for both the machinery...
Question:
1. Calculate and record depreciation for the year just ended December 31, 2015, for both the machinery and equipment (round calculations to the nearest whole dollar).
2. Prepare the property, plant and equipment section of the balance sheet at December 31,2015.
Transcribed Image Text:
Westfair Foods Partial Balance Sheet December 31, 2014 Property, plant and equipment: Machinery1500,000 Less: Accumulated depreciation. Equipment21,280,000 330,000 170,000 253,333 $423,333 1 The machinery was purchased on January 1, 2009, and is depreciated to the nearest whole Total property, plant and equipme.t month using the straight-line method. Its total estimated useful life is eight years with a $60,000 residual value. 2 The equipment was purchased on August 1, 2012, and is depreciated to the nearest whole month using the double-declining-balance method. The useful life is estimated to be four years with a residual value of $36,000.
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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