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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