COMPLETE THE DEPRECIATION TABLES WITH THE GIVEN INFORMATION (BUILDING DEPRECIATI

Question

COMPLETE THE DEPRECIATION TABLES WITH THE GIVEN INFORMATION (BUILDING DEPRECIATION SCHEDULE, OFFICE EQUIPMENT DEPRECIATION SCHEDULE, ASSEMBLY EQUIPMENT DEPRECIATION SCHEDULE, DELIVERY EQUIPMENT DEPRECIATION SCHEDULE)

IN THE DEPRECIATION SCHEDULE PLEASE INCLUDE DATE, ASSET COST, DEPRECIABLE COST, DEPRECIABLE RATE, DEPRECIATION EXPENSE, ACCUMULATED DEPRECIATION AND BOOK VALUE FOR EACH.

The Company's fiscal year is September 1 thru August 31

Asset Cost useful life salvage value depreciation method purchase date land 150,000 NA NA NA 9/1/18 building 425,000 15 15,500 straight line 9/1/18 office equipment 360,500 5 10,500 striaght line 12/1/18 assembly equipment 385,000 4 5,000 production 3/1/19 delivery equipment 260,000 5 20,000 production 6/1/19

Explanation / Answer

Asset Cost useful life salvage value depreciation method purchase date Annual Depreciation land 1,50,000 NA NA NA 09-01-2018 NA building 4,25,000 15 15,500 straight line 09-01-2018 27,300 office equipment 3,60,500 5 10,500 striaght line 12-01-2018 70000 assembly equipment 3,85,000 4 5,000 production 03-01-2019 Refer Table Below delivery equipment 2,60,000 5 20,000 production 06-01-2019 Refer Table Below Delivery Equipment Additional information related to the $260,000 delivery equipment purchase: It is ESTIMATED that the equipment will be ABLE TO DRIVE 300,000 total miles over its lifetime. To complete the depreciation schedule, PRESUME that the actual miles driven for its useful life are as indicated below. Also, round depreciation expense per unit to the nearest cent and depreciation expense to the nearest dollar. Deprecaition Year 1 25,760 22325.33 Year 2 78,980 68449.33 Year 3 72,450 62790.00 Year 4 67,800 58760.00 Year 5 66,780 87675.33 Total 3,11,770 Assembly Equipment Additional information related to the $385,000 assembly equipment purchase: It is ESTIMATED that the equipment will be ABLE TO ASSEMBLE 760,000 total units over its lifetime. To complete the depreciation schedule, PRESUME that the actual units assembled for its useful life are as indicated below. Also, round depreciation expense per unit to the nearest cent and depreciation expense to the nearest dollar. Depreciation Year 1 120000 60789.47 Year 2 230000 116513.16 Year 3 225000 113980.26 Year 4 215000 93717.11 Total 790000

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