2) Using the straight-line method, calculate the amount of depreciation expense for each asset and...
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Accounting
2) Using the straight-line method, calculate the amount of depreciation expense for each asset and prepare a schedule that would be included in the notes to the financial statements. (Points: 35) Estimated life Asset Cost Truck $ 32,000 Tractor $ 45,000 Corn planter $ 35,000 Barn $ 100,000 Fences $ 25,000 Cattle squeeze chute $ 5,000 Computer $ 3,000 Salvage value $ 5,000 $3,000 $0 $ 6,000 $0 $ 500 $ 300 6 years 14 years 15 years 30 years 20 years 15 years 5 years 2) Calculate Accrual Adjusted Net Farm Income using the appropriate data below. (Points: 15) Gain Due to Changes in General Base Values of Breeding Livestock: $5,000 Income Tax Expense: $5,400 Loss on the Sale of Farm Capital Assets: $1,600 Net Farm Income from Operations: $175,643 Other Revenue: $300 Other Expenses: $160
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