Reference no: EM132593557
Question - The following information is available for "RIH" Company, which has an accounting year-end on December 31st.
1) A delivery truck was purchased on June 1, 2008, for $80,000. It was estimated to have an $8,000 salvage value. On January 1st, 2010 the book value of the truck was equal to $44,000 after driving 60,000 miles. During 2010, the truck was driven 20,000 miles. The units-of activity method of depreciation is used.
2) A building was purchased on July 1, 1983, for $3,000,000. It is estimated to have a $30,000 salvage value at the end of its 40-year useful life. On January 1, 2000 the company decided to increase the useful life by 10 years. Assume the company is using straight-line method of depreciation is being used.
3) Store equipment was purchased on September 30th, 2009, for $180,000. It was estimated that the store equipment would have an $18,000 salvage value at the end of its 5-year useful life. Assume the company is using the double-declining-balance method of depreciation.
Instructions: Based on the above given information, answer the following questions:
A) For the year 2010, what is the amount of depreciation that must be recorded for the delivery truck?
B) For the year 2000, what is the amount of depreciation that must be recorded for the building?
C) Show the presentation of the building as on 31/12/200 on the statement of financial position?
D) Prepare the store equipment depreciation table for the year 2009, 2010, and 2011.
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