Chapter 14 depreciation chapter outline asset

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Unformatted text preview: , 2008. Once the function is put into a cell, that cell can be formatted to present the date in the desired format. Page 86 Solving Accounting Principles Problems Using Excel for Windows Tip: This function does not present time correctly. Excel makes a distinction, correctly, between “Today” and “Now” in the same manner as the timeline for mowing the lawn. To present date and time via a formula function use the “=NOW()” function. This function correctly inserts the current date and time. Like the “Today” function, the “Now” function can be formatted to obtain the precise desired format for the date and time, date only, or time only if desired through “Custom” cell formatting. Note: These values may be updated by Excel upon opening the file later so they should be converted to “hard values” (non-formula or function) through direct entry type in or through the Edit > Paste Special function addressed elsewhere in this book. Chapter 14 DEPRECIATION Chapter Outline Asset Acquisition Sheet Depreciation Straight-Line Depreciation Declining-Balance Depreciation Variable Declining Balance Depreciation Sum-Of-Year’s-Digits Depreciation Units Of Activity Depreciation Asset Acquisition Sheet The acquisition of a plant, property, equipment, intangible, or natural resource asset is seldom a simple one-page document event. Take for example the acquisition of a land plot, the construction of the new plant building, and the purchase of equipment for that plant. The land may have purchase price, commissions, back taxes, current taxes, survey costs, title searches, title insurance, and court and filing fees associated with it. The construction of the plant may have survey costs, architectural and design costs, environmental impact statement costs, construction fees, insurance during construction, interest and finance fees incurred during and after construction, legal fees, filing fees, and bonding fees. The purchase of a piece of major equipment for the new plant may have purchase price, commissions, site surveys, transportation, insurance during transportation and installation, installation cos...
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