21 Feb Information for Blake Corporation’s property, plan
Information for Blake Corporation’s property, plant, and equipment for 2007 is: Depreciation Method and Useful Life Building: 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 2007 and other information were as follows: 1. On January 2, 2007, Blake purchased a new car for $10,000 cash and a trade-in of a two-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. 2. On April 1, 2007, a machine purchased for $23,000 on April 1, 2002 was destroyed by fire. Blake recovered $15,500 from its insurance company. 3. On May 1, 2007, costs of $168,000 were incurred to improve leased office premises. The leasehold improvements have a useful life of eight years. The related lease, which terminates on December 31, 2013, is renewable for an additional six-year term. The decision to renew will be made in 2013 based on office space needs at that time. 4. On July 1, 2007, machinery and equipment were purchased at a total invoice cost of $280,000; additional costs of $5,000 for freight and $25,000 for installation were incurred. 5. Blake determined that the automotive equipment comprising the $115,000 balance at January 1, 2007 wo
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