Question: must answer fast thanks Question 2 [80 points] Northstar Corp.'s property, plant and equipment subledger at January 1, 2014 appeared as follows: Cost Information Depreciation/Amortization
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Question 2 [80 points] Northstar Corp.'s property, plant and equipment subledger at January 1, 2014 appeared as follows: Cost Information Depreciation/Amortization Amort Accum. Balance Expense for Accum. Balance Description Purchase Date Method Cost Residual Life Dec 31, 2013 2014 Dec 31, 2014 Furniture November 1, 2012 SIL 221,400 17,400 10 years Machinery July 1, 2013 DDB 228,000 36,100 10 years Trucks September 1, 2012 Units 619,000 10,000 1,218,000 km Building January 1, 2012 S/L 61,300 7,300 6 years Equipment July 1, 2013 S/L 228,500 12,500 10 years Patents September 1, 2011 SIL 216,000 0 Boats May 2, 2014 DDB 33,250 4,000 Equipment May 2, 2014 DDB 23,750 3,000 4 years 10 years 4 years Additional information: Northstar Corp. calculates depreciation and amortization to the nearest month. S/L = Straight Line: DDB = Double-Declining Balance: Units = Units of Production There have been no disposals, revisions, or impairments prior to January 1, 2014 Actual kilometers driven by the trucks: 2012 - 410,000, 2013 - 437,000: 2014 - 246,000 At the beginning of 2014, it was determined that the building would be used for 1 year less than originally estimated Used boats and equipment were purchased on May 2, 2014, for a total of $57.000 at a bankruptcy sale. The appraised value of the boats was 549,000 and of the equipment $35,000. The old equipment was given to a charitable organization on May 4, 2014, The estimated useful lives and residual values of the May 2 purchases were 4 years and $4,000 for the boats and 4 years and $3,000 for the equipment. These assets will be depreciated using the DDB method Complete the PPE asset subledger, round depreciation per unit of production to the nearest centround your final answers to the nearest dollar Using the information from the PPE asset subledger and the following Docember 31, 2014 adjusted account balances, complete the income statement (showing all depreciation and amortization expenses together under expenses) and a statement of changes in equity for the year ended December 31, 2014 along with the December 31, 2014 classified balance sheet Assume that the corporation issued $115,800 worth of shares during 2014 Balance Account Accounts payable Accounts receivable Bonds payable Cash Commissions earned Consulting revenue earned Dividends Income taxes expense Interest earned Interest expense Land Loss on sale/disposal Mortgage payable Rent payable Rent receivable Retained earnings Share capital Short-term notes payable 73,400 72,700 3,900 24,400 245,300 164,500 66,500 13,500 130,100 34,900 59.800 210,500 47,900 34,800 31,900 296,200 349,600 39,900
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