Question: For each asset classification, prepare a schedule showing depreciation expense for the year ended December 31, 2011, using the following depreciation methods and useful lives:

For each asset classification, prepare a schedule showing depreciation expense for the year ended December 31, 2011, using the following depreciation methods and useful lives:

Required:

Land improvements-Straight line; 15 years

Building----150% declining balance; 20 years.

Machinery and equipment--- Straight Line; 10 years,

Automobiles---150% declining balance, 3 years.

Depreciation is computed to the nearest month and no residual values are used.

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PELL CORPORATION Plant asset and accumulated depreciation accounts Land 350000 Land improvements 180... View full answer

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