e xercises ex 11 75 componentization and depreciation of pp e assets you are the acc 4315350

Exercises

Ex. 11-75 Componentization and depreciation of PP&E assets

You are the accountant for a manufacturing company. You have just been advised of the acquisition of a new machine. You have received a memo which only gives you the following information:

Grinding Equipment

Model:XZ-1-1000

Cost:$1,250,000

Instructions

To be able to properly account for this asset, list and briefly describe what additional information you require.

Ex. 11-76Definitions

Provide clear, concise answers for the following:

1.Define depreciation.

2.Define depreciation accounting.

3.Does depreciation accounting provide cash? If not, what does provide cash? In relation to cash, what does depreciation accounting do?

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