Assume Franklin Security Consultants purchased a building for $430,000 and depreciated it on a straight-line basis over
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Assume Franklin Security Consultants purchased a building for $430,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $70,000. After using the building for 20 years, Franklin realized that the building will remain useful only 14 more years. Starting with the 21st year, Franklin began depreciating the building over the newly revised total life of 34 years and decreased the estimated residual value to $12,980. Record depreciation expense on the building for years 20 and 21?
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JOURNAL DATE ACCOUNT TITLES DEBIT CREDIT Year 20 Depreciation Expense Building 360000 40 9000 ...View the full answer
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