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Wildhorse Productions Corp purchased ice fishing huts on December 1,2023, for a...

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Accounting

Wildhorse Productions Corp purchased ice fishing huts on December 1,2023, for a total of $122,000 in cash. At that time, these huts were estimated to have a useful life of 10 years and a residual value of $25,000. The huts were disposed of on July 31,2026. Wildhorse uses double-diminishing-balance method at two times the straight-line depreciation raye, has a March 31 year end, and makes adjusting entries anually.
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