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Accounting Expert Answers & Study Resources : Page 9

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11. Revenue expenditures are expenditures to keep assets in normal operating condition. 12. Capital expenditures are also called balance sheet expenditures. 13. SportsWorld spent $17,000 to remodel its store. This cost will be recognized with a debit to Store Building. 14. Treating small-dollar-amount capital expenditures as revenue expenditures is likely to mislead users.

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  • 11. Revenue expenditures expenditures to keep assets in normal operating
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197. ______________________ are costs that increase the usefulness of land, but have limited useful lives and are thus depreciated. 198. Replacement of a roof or renovation of a plant are examples of _______________________. 199. The three factors in calculating depreciation are: ____________, __________, ____________. 200. _____________ is the Income Tax Act equivalent for.

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  • 197. ______________________ costs that increase the usefulness of land, but
  • Accounting
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201. _______________________ depreciation provides for equal amounts of annual depreciation over the life of an asset. 202. ______________ is the process of systematically allocating the cost of an intangible asset to expense over its estimated useful life. 203. Revising estimates of the useful life or residual value of property, plant and equipment.

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  • 201. _______________________ depreciation provides for equal amounts of annual depreciation
  • Accounting
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155. On January 1, 2014, High Flying Airways acquired and placed in service a plane that cost $8,000,000. The plane's service life and residual value were estimated at 5 years and $1,500,000, respectively. Calculate depreciation for 2014-2018, assuming the following alternative depreciation methods are used: (a) Straight-line. (b) Double-declining-balance.     .

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  • 155. On January 1, 2014, High Flying Airways acquired and
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