Reference no: EM132936271
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,060,000 to the various types of assets along with estimated useful lives and residual values are as follows:
Asset Cost Estimated Residual Value Estimated Useful Life (in years)
Land $130,000 N/A N/A
Building 560,000 none 25
Equipment 180,000 12% of cost 8
Vehicles 190,000 $15,000 10
Total $1,060,000
On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $106,000 was sold for $86,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service.
Problem 1. Compute depreciation expense on the building, equipment, and vehicles for 2021.
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