Reference no: EM132534004
Question - Fusion Cell Manufacturing purchased a Star Bottling Plant. The plant had a retail price of $890,700. Fusion Cell's purchaser found a unit on sale for 30% off. The plant also had to be remounted before it could be used for the intended purpose at a cost of $48,700. The plant also needed painting and cleaning at a cost of $27,300. The plant is a 5-year asset with a $80,000 salvage value.
a. Calculate the cost of the asset.
b. Complete the straight line and double declining depreciation tables for this asset.
c. Using data from both methods, record the depreciation expense for the year ending December 31, 2019.
d. Record the sale of the asset, using data from both methods, at the end of the 2nd year for $250,000. Record the sale of the asset, using data from both methods, at the end of the 3nd year for $175,000.
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