Solution-Calculate the amount of depreciation expense

Calculate the amount of depreciation expense

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Question: On January 1, 2018, XYZ Company paid $380,000 to purchase land, building, and equipment. The market values of these assets on that date were: land $80,000; building $200,000; equipment $120,000. Before the property could be used, XYZ Company had to spend $6,000 to put the equipment in working order. The building was assigned a residual value of $10,000. Under the straight-line method, the book value of the building at April 30, 2021 would have been equal to $166,000. Calculate the amount of depreciation expense recorded on the building for 2019 using the double-declining balance depreciation method. Do not use decimals in your answer.

Reference no: EM131759627

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Calculate the book value of the equipment : On January 1, 2018, XYZ Company paid $380,000 to purchase land, building, and equipment. The market values of these assets on that date were.

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Calculate the amount of depreciation expense

Reference no: EM131759627

Reference no: EM131759627

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