Blue Spruce Corporation purchased a new plant asset on April 1, 2020, at a cost of...
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Blue Spruce Corporation purchased a new plant asset on April 1, 2020, at a cost of $924,000. It was estimated to have a useful life of 20 years and a residual value of $384,000, a physical life of 30 years, and a salvage value of $0. Blue Spruce's accounting period is the calendar year. Blue Spruce prepares financial statements in accordance with IFRS. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method. (Round answers to o decimal places, e.g. 5,275.) Depreciation 2020 2021 Calculate the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method and assuming Blue Spruce prepares financial statements in accordance with ASPE. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 Assume that additional information has been provided relating to the cost ($924,000). There are three components of the plant asset. Components 1, 2, and 3 have costs of $350,000, $250,000, and $324,000, respectively. The useful lives of components 1, 2, and 3 are 25, 20, and 30 years, respectively. Determine straight-line depreciation expense for 2020 and 2021 for each component under IFRS if the residual value is $100,000 for component 1, $146,000 for component 2, and $138,000 for component 3. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 2021 Component 1 Component 2 $1 Component 3 $1 24. Blue Spruce Corporation purchased a new plant asset on April 1, 2020, at a cost of $924,000. It was estimated to have a useful life of 20 years and a residual value of $384,000, a physical life of 30 years, and a salvage value of $0. Blue Spruce's accounting period is the calendar year. Blue Spruce prepares financial statements in accordance with IFRS. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method. (Round answers to o decimal places, e.g. 5,275.) Depreciation 2020 2021 Calculate the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method and assuming Blue Spruce prepares financial statements in accordance with ASPE. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 Assume that additional information has been provided relating to the cost ($924,000). There are three components of the plant asset. Components 1, 2, and 3 have costs of $350,000, $250,000, and $324,000, respectively. The useful lives of components 1, 2, and 3 are 25, 20, and 30 years, respectively. Determine straight-line depreciation expense for 2020 and 2021 for each component under IFRS if the residual value is $100,000 for component 1, $146,000 for component 2, and $138,000 for component 3. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 2021 Component 1 Component 2 $1 Component 3 $1 24.
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Given Cost of a new plant asset924000 Useful life20 years Residual value384000 1 Calculation of the ... View the full answer
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