Current Attempt in Progress In its first year f business, Buffalo purchased land, a building, and equipment on March 5, 2023, for $612,000 in total. The land was valued at $266,213, the building at $318,157, and the equipment at $64,930. Additional information on the depreciable assets follows: Asset Building Equipment (a) ✓ Your answer is correct. Land Building Residual Value Useful Life in Years $25,080 5,000 Allocate the purchase cost of the land, building, and equipment to each of the assets. (b1) Equipment $ eTextbook and Media. ✓ Your answer is correct. $ Building $ $ Equipment $ (b2) eTextbook and Media Building $ 60 Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. 2023 Equipment $ 8 Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming depreciation is calculated to the nearest month. (Round answers to 0 decimal places, e.g. 5,275.) 250920 299880 2023 61200 3817 12750 $ Depreciation Method $ Straight-line Double diminishing-balance Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. $ Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming a half-year's depreciation is recorded in the year of acquisition. (Round answers to O decimal places, e.g. 5,275.) $ 2024 4580 12113 2024
Current Attempt in Progress In its first year f business, Buffalo purchased land, a building, and equipment on March 5, 2023, for $612,000 in total. The land was valued at $266,213, the building at $318,157, and the equipment at $64,930. Additional information on the depreciable assets follows: Asset Building Equipment (a) ✓ Your answer is correct. Land Building Residual Value Useful Life in Years $25,080 5,000 Allocate the purchase cost of the land, building, and equipment to each of the assets. (b1) Equipment $ eTextbook and Media. ✓ Your answer is correct. $ Building $ $ Equipment $ (b2) eTextbook and Media Building $ 60 Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. 2023 Equipment $ 8 Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming depreciation is calculated to the nearest month. (Round answers to 0 decimal places, e.g. 5,275.) 250920 299880 2023 61200 3817 12750 $ Depreciation Method $ Straight-line Double diminishing-balance Buffalo has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. $ Calculate depreciation expense for the building and equipment for 2023 and 2024 assuming a half-year's depreciation is recorded in the year of acquisition. (Round answers to O decimal places, e.g. 5,275.) $ 2024 4580 12113 2024
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 8.8MCP
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