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Need Help With Accounting Project..
I am working on a project and I can not get it to balance! I was hoping someone to help verify my work... I will list the transactions.
The fixed assets have estimated useful lives as follows: The Building and the Office Equipment have the following estimated useful lives: Building - 31.5 years Office Equipment - 7.0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s salvage value is $8,500.00. The office equipment has a salvage value of $500.00. Calculate the depreciation for one month using the straight-line method of depreciation. The original purchase price of the Office Equipment is 2,513.00 The original purchase price of the Building is 110,000.00 The Computer Equipment has an estimated useful life of 5.00 years. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The computer equipment's scrap value is $20,000.00. Calculate the depreciation for one month using the double declining method of depreciation. The original purchase price of the computer equipment is 234,580.00 My answers are: Office Equipment 23.96 Building 268.52 Computer Equipment 7,819.33 Please verify! Thank you! |
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