Information for Blake Corporation s property plant and

equipment for 2016 #2516

Information for Blake Corporation’s property, plant, and equipment for 2016 is:Depreciation
Method and Useful LifeBuilding: 150%- declining- balance; 25 years.Machinery and equipment:
Straight- line; 10 years.Automotive equipment: Sum- of- the- years’- digits; 4 years.Leasehold
improvements: Straight- line.The residual value of the depreciable assets is
immaterial.Depreciation is computed to the nearest month.Transactions during 2016 and other
information were as follows:a. On January 2, 2016, Blake purchased a new car for $ 10,000
cash and a trade- in of a 2- year- old car with a cost of $ 9,000 and a book value of $ 2,700. The
new car has a cash price of $ 12,000; the market value of the trade-in is not known.b. On April
1, 2016, a machine purchased for $ 23,000 on April 1, 2011, was destroyed by fire. Blake
recovered $ 15,500 from its insurance company.View Solution:
Information for Blake Corporation s property plant and equipment for 2016

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