Reference no: EM133006422
Depreciation Expense
During 2017, Adams Company acquired three assets with the following costs, estimated useful lives, and estimated salvage values:
Date --Asset --Cost --Estimated Useful Life-- Estimated Salvage Value
March 28 Truck $36,000 5 years $6,000
June 22 Computer 34,700 7 years 3,200
November 6 Building 368,200 32 years 61,000
The company uses the straight-line method to depreciate all assets and computes depreciation to the nearest month. For example, the computer system will be depreciated for six months in 2017.
Required:
1. Compute the depreciation expense that Adams will record on each of the three assets for 2017. Do not round intermediate calculations. If required, round your answers to the nearest dollar.
Asset Depreciation Expense
Truck $fill in the blank 1
Computer $fill in the blank 2
Building $fill in the blank 3
2. Which of the following statements is incorrect?
- Cost of long-term assets can be expensed in the year of purchase.
- Cost of long-term assets can be depreciated over the life of the asset.
- Costs of long-term assets should be allocated to the periods during which they provide benefits.
- The unexpended portion of the cost of long-term asset is shown on the asset side of the balance sheet.
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