Question: Please help me solve this. the formula i am using isnt working On January 1, 2020, Creative Calligraphy Inc. purchased land, building, equipment, and tools
On January 1, 2020, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $3,920,000. An appraisal identified the fair values to be $1,008,000 (and) $1,316,000 (building). $392,000 (equipment), and $84,000 (tools). The estimated useful life and residual value of the building was 10 years and $770,000 for the equipment, five years and $56.000, and for the tools, three years and $8,400. Required: Calculate depreciation for 2020 and 2021 using the double-declining balance method Creative Calligraphy's year-end is December 31. (Do not round intermediate calculations and round your final snowers to nearest whole dollar) 2020 Depreciation 2021 Depreciation Os PPE Asset Land Building Equipment Tools
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