double-declining balance method. Salvage value is $ 3,000. Depreciation for 2014 is
7) Tongas Company applies revaluation accounting to plant assets with a carrying value of $ 1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $ 1,500,000.
The financial statements for year one will include the following information
8) Tongas Company applies revaluation accounting to plant assets with a carrying value of $ 1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $ 1,500,000.