Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 4.00

Ginarrbrik Company,

Kiran Shah, the new controller of Ginarrbrik Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2012. His findings are as follows.

     

Accumulated

Useful Life

    

Type of

Date

  

Depreciation

in Years

Salvage Value

Asset

Acquired

Cost

1/1/12

Old

Proposed

Old

Proposed

Building

1/1/06

$800,000

$114,000

40

50

$40,000

$37,000

Warehouse

1/1/07

100,000

19,000

25

20

5,000

3,600

All assets are depreciated by the straight-line method. Ginarrbrik Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Kiran’s proposed changes.

Instructions

(a) Compute the revised annual depreciation on each asset in 2012. (Show computations.)

(b) Prepare the entry (or entries) to record depreciation on the building in 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 4.00

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