26 Jun BLEM 9.3A s Involving Smart Hardware purchased new shelving for its
BLEM 9.3A s Involving Smart Hardware purchased new shelving for its store on April 1, 2011. The shelving is expeced to have a 20-year life and no residual value. The following expenditures were associated with the purchase: eciatiun Methods Cost of the shelving Freight charges $12,000 .. . . 780 Installation of shelving Cost to repair shelf damaged during installation 2,700 400 Instructions method listed below: 1. Straight-line, with fractional years rounded to the nearest whole month. 2. 200 percent declining-balance, using the half-year convention. 3. 150 percent declining-balance, using the half-year convention. b. Smart Hardware has two conflicting objectives. Management wants to report the highest pos- sible earnings in its financial statements, yet it also wants to minimize its taxable income reported to the IRS. Explain how both of these objectives can Which of the depreciation methods applied in part a resulted in the lowest reported book value at the end of 2014? Is book value an estimate of an asset’s fair value? Explain. c. 094464 Chapter 9 Plant and Intangible Assets d. Assume that Smart Hardware sold the old shelving that was being replaced. The old shehi had originally cost $9,000. Its book value at the time of the sale was $400. Record the the old shelving under the following conditions: 1. The shelving was sold for $1,200 cash. 2. The shelving was sold for $200 cash.
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