Chapter 21

Accounting for Plant Assets and Depreciation

Essential Questions

How is the buying of a plant asset and the paying of property tax recorded? How is depreciation expense and book value calculated using the straight-line method of depreciation? How are plant asset records prepared and journalize for annual depreciation expenses?. How are entries recorded for the disposing of plant assets? How is depreciation expense calculated using the double declining balance method of depreciation?

TERMS FOR CHAPTER 21

- Current assets - Real property - Assessed value - Estimated salvage value - Accumulated depreciation - Plant asset record - Loss on plant assets

- Plant assets - Personal property - Depreciation expense - Straight-line method of depreciation - Book value of a plant asset - Gain on plant assets - Declining balance method of depreciation

ASSIGNMENTS

Buying Plant Assets and Paying Property Tax Read pp. 548-550 1) View PowerPoint presentation 21-1 2) Complete Application Problem 21-1 p. 3) Work on Study Guide 21 4) Define Chapter Terms April 29 Calculating Depreciation Expense Read pp. 551-554 1) View PowerPoint presentation 21-2 2) Complete Application Problem 21-2 p. 3) Continue to Work on Study Guide 21 April 30 Journalizing Depreciation Expense Read pp. 555-558 1) View PowerPoint presentation 21-3 2) Complete Application Problems 21-3 & 21-4 p. 3) Continue to Work on Study Guide 21 May 1

Disposing of Plant Assets Read pp. 559-563 1) View PowerPoint presentation intro and 21-4 2) Complete Application Problem 21-5 p. 3) Continue to Work on Study Guide 21 May 4 Declining-Balance Method of Depreciation Read pp. 564-567 1) View PowerPoint presentation 21-5 2) Complete Application Problem 21-6 p. 3) Complete Study Guide 21 May 5-6 Complete Mastery Problem 21-7 p. April 7 Additional Chapter exercises Chapter Twenty-one Internet Activity Chapter 21 Test - Friday May 8