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Calculate depreciation with entries

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Q1) On April 12, 2020 Vertical company paid cash of $368,250 for real estate plus $19,600 cash in closing costs. The real estate appraised value at $166,320, Land improvement appraised at $55,440, building appraised at $174,240. Please show the lump sum allocation and record the journal entry for it.

Q2) March 1, 2018 ABC business spent $690,000 purchasing a machine with useful life 10 years, with residue value $160,000. Please use straight-line and double-declining balance method to calculate depreciation with entries.

Reference no: EM133057985

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