Reference no: EM132473903
Record basket purchase.
point 1: Rainbow Company purchased land, a building, and equipment on January 2, 2017, for $850,000. The company paid $170,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $352,000; of the building, $396,000; and of the equipment, $132,000. Record the purchase.
Question 1: Calculate straight-line depreciation.
point 2: Surkis Company acquires equipment at a cost of $42,000 on January 3, 2017. Management estimates the equipment will have a residual value of $6,000 at the end of its four-year useful life. Assume the company uses the straight-line method of depreciation. Calculate the depreciation expense for each year of the equipment's life. Surkis has a December 31 fiscal year end.
Question 2: Calculate diminishing-balance depreciation.
point 3: Refer to the data given for Surkis Company in BE9-5. Assume instead that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate.
Question 3: Calculate the depreciation expense for each year of the equipment's life.
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