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Problem 9-7A Calculating depreciation LO2 Use the following table: $ 740,000 Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land Building1 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant and equipment 162,000 $756,000 594,000 680,000 288,320 391,680 $1,293,680 The building was purchased on May 3, 2009, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. 2 The equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $200,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment. View transaction list Journal entry worksheet Record the depreciation for equipment, for the year ended April 30, 2021. 2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2021. (Enter all amounts as positive values.) BIG SKY FARMS Partial Balance Sheet April 30, 2021 Property, plant and equipment: Land 0 Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant and equipment OO $ Intangible assets Multiple Choice O Include patents, leaseholds, and land improvements O All of these O Can be amortized O Are rights, privileges, and competitive to the owner, used in operations, having no physical substance and can be amortized 3 O Are rights, privileges, and competitive advantages to the owner, used in operations, having no physical substance