70.2K

Verified Solution

Link Copied!

Bentley Inc. was preparing the annual financial statements and, as part of the year-end procedures, assessed the assets and prepared the following alphabetized schedule based on adjusted values at December 31, 2015 Date of Deprec. Residual Accum. Recoverable Asset Purchase Method* Cost Value Useful Life Deprec. Amount Equipment May 2/10 Units $46,000 $6,000 8,000 units $15,000 $16,000 Furniture Mar. 26/10 DDB 12,000 2,000 8 yrs 9,686 5,000 Land Mar. 3/10 N/A 82,000 N/A N/A N/A 100,000 Office building Jan. 4/10 SL 52,000 16,000 12 yrs 18,000 38.000 Warehouse Sep. 1/10 SL 127,200 12,000 24 yrs 25,600 103,000 *DDB = Double-declining balance; SL = Straight-line; Units = Units-of-production; N/A = Not applicable a) Record any impairment losses at December 31, 2015. Assume Bentley Inc. has recorded no impairment losses in previous years. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet b) Record depreciation for each asset at December 31, 2016. Assume that there was no change in the residual values or useful lives regardless of any impairment losses that might have occurred. The equipment produced 1,900 units during 2016. Please make sure your final answer(s) are accurate to the nearest whole number. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet

Answer & Explanation Solved by verified expert

See Answer