Table Summary: A table provides the partial balance sheet of west fair foods. It has three columns. The first column gives details regarding the name of an asset. The second column provides the adjustments. The third column provides the overall book value of the asset after making necessary adjustments.

¹The machinery was purchased on January 1, 2018, and is depreciated to the nearest whole month using the straight-line method. Its total estimated useful life is eight years with a $60,000 residual value.
²The equipment was purchased on August 1, 2021, 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.

Required
1. Calculate and record depreciation for the year ended December 31, 2024, 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, 2024.

Transcribed Image Text:

Property, plant, and equipment: Machinery¹. Less: Accumulated depreciation........ Equipment2... Less: Accumulated depreciation... Total property, plant, and equipment.............. Westfair Foods Partial Balance Sheet December 31, 2023 $ 500,000 330,000 1,280,000 1,026,667 $170,000 253,333 $423,333