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On Janusry 1 Year 1,Philips Company made a basket purchase including land, a building and...

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Accounting

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On Janusry 1 Year 1,Philips Company made a basket purchase including land, a building and equpment for $790,000 The appraised values of the acsets ane $46,000 for the lend, $740,000 for the building and $104,000 for equipmen $ Phillips uses the double decining balance method of depreciation for the equipment which is estmated to have a uselul Iife of four yeans and a salvage velue of $10,000 The depreciation expense Year1 fr the eqpment (Rournd your intermediate percentages to 2 deo al picei. O54201-S42 26.000

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