Reference no: EM132701396
On June 1, 2038, J17r-Pa Company purchased land, a building, and some equipment for $710,000 cash. The following information is available concerning the property purchased:
Current Market Value
Land ....................... $216,000
Building ................... $360,000
Equipment .................. $144,000
Before the property could be used, J17r-Pa Company had to spend $29,000 to renovate the building and $14,000 to put the equipment in working order.
Assume the equipment was assigned a $6,000 residual value, a 20-year life, and was being depreciated using the straight-line depreciation method.
Problem 1: Calculate the book value of the equipment at December 31, 2045.
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