Problem 9-7A Calculating depreciation LO2

Use the following table:

Big Sky Farms Partial Balance Sheet April 30, 2023
Property, plant and equipment:
Land		$ 780, 000
Building1	$930,000
Less: Accumulated depreciation	682,000	248,000
Equipment?	620,000
Less: Accumulated depreciation	262,880	357,120
Total property, plant and equipment		$1,385, 120

"The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the straight-line method.

Depreciation is based on a 15-year life, after which it will be demolished and replaced with a new one.

2 The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month using the double-declining-

balance method. The total estimated useful life is 10 years with a residual value of $200,000.

Required:

1. Calculate and record depreciation for the year just ended April 30, 2024, for both the building and equipment.