Question: Hi, I need help for this question. P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November n.

Hi, I need help for this question.

Hi, I need help for this question. P9-2B In its first year

P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November n. 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment at $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 60 Straight-line Equipment 15,000 Double diminishing-balance Instructions (a) Allocate the purchase cost of the land, building, and equipment to each of the assets. (b) Solinger has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. Calculate depreciation expense for the building and equipment for 2016 and 2017 assuming: 1. depreciation is calculated to the nearest month. 2. a half-year's depreciation is recorded in the year of acquisition

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