Please do not give solution in image format thanku 1On March 31, 2024, Susquehanna Insurance purchased an office building for $12.900,000. Based on their relative fair values.one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchasedseparately from office equipment on the same date for $1,230,000 and $730,000, respectively. The company uses thestraight-line method to depreciate its buildings and the double-declining-balance method to depreciate all other depreciableassets. The estimated useful lives and residual values of these assets are as follows:BuildingFurniture and fixturesOffice equipmentService Life252010Required 1 Required 2Required:1. Calculate depreciation for the years ended December 31, 2024 and 2025.2. What book values would be reported in the December 31, 2025, balance sheet (including land)?Complete this question by entering your answers in the tabs below.BuildingFurniture and fodurasOffice equipmentResidual Value10% of cost10% of cost$ 33,000Calculate depreciation for the years ended December 31, 2024 and 2025.Note: Do not round intermediate calculations.Depreciation20242025 On March 31, 2024, Susquehanna Insurance purchased an office building for $12,900,000. Based on their relative fair values,one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchasedseparately from office equipment on the same date for $1,230,000 and $730,000, respectively. The company uses thestraight-line method to depreciate its buildings and the double-declining-balance method to depreciate all other depreciableassets. The estimated useful lives and residual values of these assets are as follows:BuildingFurniture and fixturesOffice equipmentService Life252010Required 1 Required 2Residual Value10% of cost10% of costRequired:1. Calculate depreciation for the years ended December 31, 2024 and 2025.2. What book values would be reported in the December 31, 2025, balance sheet (including land?$ 33,000Complete this question by entering your answers in the tabs below.LandBuildingFurniture and fixtures.Office equipmentWhat book values would be reported in the December 31, 2025, balance sheet (including land)?Book values on December 31, 2025:

Answer:- Depreciation meaning:- The accounting technique of spreading out the cost of a tangible…

On March 31, 2024, Susquehanna Insurance purchased an office building for $12,900,000 Based on their relative fair values. one-third of the purchase price was allocated to the land and two-thirds to the building Furniture and fixtures were purchased separately from office equipment on the same date for $1,230,000 and $730,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of these assets are as follows: Building Furniture and fixtures Office equipment Service Life 25 20 10 Residual Value 10% of cost 10% of cost $ 33,000 Required: 1. Calculate depreciation for the years ended December 31, 2024 and 2025. 2. What book values would be reported in the December 31, 2025, balance sheet (including land)? Complete this question by entering your answers in the tabs below.

On March 31, 2024, Susquehanna Insurance purchased an office building for $12,900,000 Based on their relative fair values. one-third of the purchase price was allocated to the land and two-thirds to the building Furniture and fixtures were purchased separately from office equipment on the same date for $1,230,000 and $730,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of these assets are as follows: Building Furniture and fixtures Office equipment Service Life 25 20 10 Residual Value 10% of cost 10% of cost $ 33,000 Required: 1. Calculate depreciation for the years ended December 31, 2024 and 2025. 2. What book values would be reported in the December 31, 2025, balance sheet (including land)? Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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