In a lump-sum purchase of assets, the cost must be allocated to the individual assets because every individual asset has a different useful life and different depreciation rate. Depreciation is the methodical distribution of an asset's depreciable value over the course of its useful life.
The cost of an asset, or another quantity substituted for cost, less its residual value, is its depreciable amount. Depreciation can take many different forms, including the accelerated and the straight-line depreciation.
An accountant records depreciation for all the capitalized assets that have not yet been fully depreciated at the conclusion of an accounting period.
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Answer:
The answer is B. $555,000
Explanation:
Please note that the student meant $300,000 for non-current liability and not $350,000
Stockholder's equity = total asset - total Liability
Total asset = current asset + fixed asset
= $250,000 + $800,000
= $1,050,000
Total liability = current Liability + non-current liabilities
= $195,000 + $300,000
= $495,000
Therefore, shareholder's equity is
$1,050,000 - $495,000
$555,000
Answer:
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Explanation:
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The finance lease is the journal entry can be created by debiting the lease asset account and crediting the lease liability account. The amount of lease asset or lease liability recorded in this journal entry is the fair value of total lease payments.
Because short-term leases are not capitalized, no depreciation expense on the right of use asset or finance cost on the lease liability is recognized. Payments on short-term leases are expensed by the less on a straight-line or other systematic basis.
Debit the appropriate fixed asset account and credit the capital lease liability and account with the amount.
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