Can You Please put together the building depreciation schedule? ...

70.2K

Verified Solution

Question

Accounting

Can You Please put together the building depreciation schedule?
PLANNED ASSET ACQUISITIONS
Reminder that the companys fiscal year is July 1 through June 30.
Asset Cost Useful life Salvage Value Depreciation Method Purchase Date
Land 500,000 N/A N/A N/A 1-Jul-21
Building 490,500 30 40,500 Straight line 1-Jul-21
Office Equipment 479,500 3 14,500 Straight line 1-Nov-21
Delivery Equipment 550,000 5 20,000 production 1-Feb-22
Additional information related to the $550,000 delivery equipment purchase: It is ESTIMATED that the equipment will be ABLE TO DRIVE 250,000 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.
Year 1 32,500
Year 2 56,800
Year 3 55,950
Year 4 52,600
Year 5 56,500
Building Depreciation Schedule
Depreciation for the Year
Asset Dep'ble Depreciation Accumulated Book
Date Cost basis Rate Expense Depreciation Value
1/0/00
6/30/22
6/30/23
6/30/24
6/30/25
Office Equipment Depreciation Schedule
Depreciation for the Year
Asset Dep'ble Depreciation Accumulated Book
Date Cost basis Rate Expense Depreciation Value
1/0/00
6/30/22
6/30/23
6/30/24
6/30/25
Delivery Equipment Depreciation Schedule
Depreciation for the Year
Depreciation
Asset per unit Units of Depreciation Accumulated Book
Date Cost Production Expense Depreciation Value
1/0/00
6/30/22
6/30/23
6/30/24
6/30/25
6/30/26

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students