25pointseBookPrintReferencesUse the following table:Property, plant and equipment:LandBuilding¹Less: Accumulated depreciationEquipment²Less: Accumulated depreciationTotal property, plant and equipmentBig Sky FarmsPartial Balance SheetApril 30, 2023View transaction listThe 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 14-year life, after which it will be demolished and replaced with a new one.Journal entry worksheet<2The 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 $200,000.2Required:1. Calculate and record depreciation for the year just ended April 30, 2024, for both the building and equipment.$742,000583,000670,000284,080Note: Enter debits before credits.Record entry$ 730,000DateGeneral JournalApr. 30, 2024 Depreciation expense, equipmentAccumulated depreciation, equipment159,000385,920$1,274,920Record the depreciation for equipment, for the year ended April 30, 2024.Clear entryDebitCreditView general journal 325pointseBookPrintReferencesUse the following table:Property, plant and equipment:LandBuilding¹Less: Accumulated depreciationEquipment²Less: Accumulated depreciationTotal property, plant and equipmentBig Sky FarmsPartial Balance SheetApril 30, 2023View transaction list¹The 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 14-year life, after which it will be demolished and replaced with a new one.Journal entry worksheet12The 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.$742,000583,000670,000284,080Note: Enter debits before credits.$ 730,000DateGeneral JournalApr. 30, 2024 Depreciation expense, buildingAccumulated depreciation, buildingRecord entry159,000385,920$1,274,920Record the depreciation for the building, for the year ended April 30, 2024.Clear entryDebitCreditView general journal

Depreciation refers to the term which states that the value of asset is decreased or reduced because…

Big Sky Farms Partial Balance Sheet April 30, 2023 Property, plant and equipment: Land Building¹ Less: Accumulated depreciation Equipment2 Less: Accumulated depreciation Total property, plant and equipment $742,000 583,000 670,000 284,080 $ 730,000 159,000 385,920 $1,274,920 The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month balance method. The total estimated useful life is 10 years with a residual value of $200,000.

Big Sky Farms Partial Balance Sheet April 30, 2023 Property, plant and equipment: Land Building¹ Less: Accumulated depreciation Equipment2 Less: Accumulated depreciation Total property, plant and equipment $742,000 583,000 670,000 284,080 $ 730,000 159,000 385,920 $1,274,920 The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month balance method. The total estimated useful life is 10 years with a residual value of $200,000.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.4E

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