Curto Inc, purchased new furniture for its store on June The furniture is expected to have a year life and a residual value of $ The following expenditures were associated with the purchase:
Cost of the furniture $
Freight charges
Sales taxes
Installation of furniture
Cost to repair furniture
Instructions:
a Compute depreciation expense for the years through under each
depreciation method listed:
Straightline, with fractional years rounded to the nearest whole month
percent decliningbalance
percent decliningbalance
b Assume that Davidson, DDS sold the old furniture that was being replaced. The old furniture had originally cost $ and its book value at the time of the sale was $Record the sale of the old furniture under each of the following conditions:
The furniture sold for $ cash
The furniture sold for $ cash
