In Year 2005, the building that was previously rented was purchased for $150,000. The company paid $10,000

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In Year 2005, the building that was previously rented was purchased for $150,000. The company paid $10,000 cash and assumed a longterm mortgage for $140,000. Depreciation on the building is $7,500 for Year 2005. At the end of year 2005, $7,100 of the mortgage payable was reclassified as a current liability payable in Year 2006.

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Hospitality Management Accounting

ISBN: 9780471092223

8th Edition

Authors: Martin G Jagels, Michael M Coltman

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