How to calculate the depreciation

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Reference no: EM131800034

Problem

At December 31, 2017, Grand Company reported the following as plant assets.

Land


$ 4,180,000

Buildings

$27,310,000


Less: Accumulated depreciation-buildings

12,890,000

14,420,000

Equipment

47,470,000


Less: Accumulated depreciation-equipment

4,530,000

42,940,000

Total plant assets


$61,540,000

During 2018, the following selected cash transactions occurred.

May 1 Sold equipment that cost $1,050,000 when purchased on January 1, 2014. The equipment was sold for $630,000.

How to calculate the depreciation?

Reference no: EM131800034

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