BE11.8 (LO 3) DAIS Excel Video The following information about the fixed assets for Iqra Books Inc. has been provided to you. Iqra uses straight-line depreciation. The assets were acquired on January 1 and have no residual value.AssetOffice buildingWarehouseCost$5,000,000$12,000,000Useful Life at Date of Acquisition Useful Life Remaining at December 31, 202210 years8 years15 years10 yearsa. Using the SLN() function in Excel, calculate the depreciation expense for the office building and warehouse for the year ended December 31, 2022 (rounded to two decimal places).b. Using Excel, calculate the accumulated depreciation and the carrying amount for the year ended December 31, 2022 (rounded to two decimal places).

Depreciation refers to the reduction in the value of assets due to normal use in the course of…

BE11.8 (LO.3) DAIS Excel Video The following information about the fixed assets for Iqra Books Inc. has been provided to you. Iqra uses straight-line depreciation. The assets were acquired on January 1 and have no residual value. Cost $5,000,000 $12,000,000 Useful Life at Date of Acquisition Useful Life Remaining at December 31, 2022 15 years 10 years 10 years 8 years Asset Office building Warehouse. a. Using the SLN() function in Excel, calculate the depreciation expense for the office building and warehouse for the year ended December 31, 2022 (rounded to two decimal places). b. Using Excel, calculate the accumulated depreciation and the carrying amount for the year ended December 31, 2022 (rounded to two decimal places).

BE11.8 (LO.3) DAIS Excel Video The following information about the fixed assets for Iqra Books Inc. has been provided to you. Iqra uses straight-line depreciation. The assets were acquired on January 1 and have no residual value. Cost $5,000,000 $12,000,000 Useful Life at Date of Acquisition Useful Life Remaining at December 31, 2022 15 years 10 years 10 years 8 years Asset Office building Warehouse. a. Using the SLN() function in Excel, calculate the depreciation expense for the office building and warehouse for the year ended December 31, 2022 (rounded to two decimal places). b. Using Excel, calculate the accumulated depreciation and the carrying amount for the year ended December 31, 2022 (rounded to two decimal places).

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.2: Calculating Depreciation Expense

Problem 1OYO

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