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1 - A) Record building depreciation for 2021. B) Record sale of land and building. 2- A) Record the equipment depreciation for 2021. B) Record
1 - A) Record building depreciation for 2021. B) Record sale of land and building.
2- A) Record the equipment depreciation for 2021. B) Record sale of equipment.
Problem 9-15A Partial-period depreciation; disposal of PPE LO2, 3, 6 Endblast Productions showed the following selected asset balances on December 31, 2020: Land Building Accumulated depreciation, building Equipment Accumulated depreciation, equipment2 $456,800 586,400 417,600 201,200 80,000 Remaining estimated useful life is eight years with a residual value of $60,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2021, for $645,000 cash. 2. The equipment was sold on November 2, 2021, for $95,300 cashStep by Step Solution
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