at the end of 2021, koosharem corp. calculated and recorded $50,000 in depreciation on a building that it had purchased five years earlier. how will this depreciation affect koosharem’s 2021 financial statements?

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Christinasmith469idn Christinasmith469idn

07-10-2021
Business

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at the end of 2021, koosharem corp. calculated and recorded $50,000 in depreciation on a building that it had purchased five years earlier. how will this depreciation affect koosharem’s 2021 financial statements?

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Ewomazinoadeidn Ewomazinoadeidn · Answer 1 · 2021-10-11T06:11:04-04:00

The effect of depreciation on koosharem’s 2021 financial statements is that it would lead to a decrease in the net income and a decrease in assets.

Depreciation is a method that is used to decrease the carrying value of an asset due to wear and tear.

There are different methods that can be used to determine the depreciation of an asset. They include:

The double-declining method
The straight line deprecation method
The unit of production depreciation method
Sum of the years deprecation method.

Building is considered as an asset to the business. It is a type of fixed asset. The carrying value of the building on the balance sheet would be reduced by $50,000. Depreciation is an expense. This would lead to an expense of $50,000 which would reduce net income by the same amount.

To learn more about depreciation, please check: https://brainly.com/question/24002169?referrer=searchResults

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