Westfair Foods Partial Balance Sheet December 31, 2023

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 $ 500,000 330,000 1,280,000 1.026,667 $170,000 253,333 $423,333