Question: PLEASE HELP! You will complete depreciation schedules for the 3 assets for every year of the assets useful life. The depreciation schedule will show depreciation

PLEASE HELP!

You will complete depreciation schedules for the 3 assets for every year of the assets useful life. The depreciation schedule will show depreciation expense, accumulated depreciation and book value for each year. Then, you will prepare a partial balance sheet for the company at December 31, 2022. Note: even though the balance sheet is for 2022, you must complete the depreciation schedules for the entire life of the asset.

Name Sheet 1: Depreciation

Russell Co. purchased the following assets on January 1, 2019:

Residual

Depreciation

Cost

value

Useful life

method

Building

650,000

50,000

30

years

Straight line

Equipment

280,000

40,000

600,000

units

Units of production

Furniture

120,000

8,000

8

years

Double declining balance

Actual units for the equipment:

2019

152,000

2020

220,000

2021

125,000

2022

103,000

Check figure: Equipment Accumulated Depreciation in 2021: 198,800; Building Book Value in 2034: 330,000; Furniture Accumulated Depreciation in 2022: 82,031; Plant Assets, net on the partial balance sheet: 647,969

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