Reference no: EM132872746
Question - All the information presented below is based on Glossy Inc & the company has an accounting year-end Dec. 31 Glossy Inc purchased land on Dec 1, 2017 for $60.000 but it wasn't put into use until Jan 1, 2018. It has an estimated useful life of 30 years with no salvage value. Using the straight-line method of depreciation
On Aug 1, 2018, Glossy Inc built a manufacturing building that is used in its business operations. It costs $325,000 & has $55,000 salvage value at the end of the 15-year useful life. Using the straight-line method of depreciation.
Glossy Inc purchased Cosmetic equipment on Sept 1, 2019, for $120,000 with a salvage value of $10,000, useful life of 10 years & would function for around 50.000 hours. In 2018 it was used for 2,100 hours & in 2019, it was used for 5,200 hours. Using the units of activity method of depreciation
Feb 1, 2020, it purchased a truck for its business at a cost of $28,000. It has a 4,000 salvage value & useful life of 5 years. A double-declining balance is used.
Glossy Inc's Accumulated depreciation, Jan 1, 2020
Land: $0 Manufacturing Building: $7,500 Cosmetic Equip: $4,620 Truck: $0
A) For each asset, determine its depreciation expense for the year ending on December 31, 2020? List all the assets individually.
B) What's the netbook value for each fixed asset as of Dec 31, 2020? List all the assets individually.
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