1. prepare general journal entry to record the purchase of the new building on April 1.

2. calculate the amount of monthly depreciation for the new building.

Depreciate Two Items of Problem 7-2 Purchase and Deprer Property, Plant, & Equipm Chapter 7 - M ing Esto Recently the Ace Manufacturing Company system. Below is the information about th y purchased an office building and a new mouth new items of Property. Plant, & Equment on which the building was purchased .... April 1.2010 The following are the facts for the office buildi Date on which the building was p Purchase price Method of payment ... $1,800,000 paid $300.000 cash - signed a note tox the remainder of the purchase price 50 years Estimated life Estimated value at the end of 50 years Depreciation method Straight-Line The following are the facts for the computer system: Date on which computer was purchased ........ May 1, 2019 Purchase price $58,800 Method of payment. Cash Estimated life 7 years Estimated value at the end of 7 years ....... Depreciation method Straight-Line ...... .... The following is a partial list of th you need for this problem. ng is a partial list of the accounts in Ace's General Ledger. These are the only accounts D Cash Building (asset account) Accumulated Depreciation-Building Computer (asset account) Accumulated Depreciation-Computer D Note Payable Depreciation Expense Chapter Problem 7-2 (continued) 30 General Journal adjusting entry try to record depreca Requirement 3 Prepare the April 30 G for the month of April ted Requirement 4 the General Journal entry to record the the purchase of the new com Prepare the General Journ May 1 m on Requirement 5 Calate the amount of monthly depreciation for the iation for the new computer system Requirement 6 Prepare the May 31 General Journal a system for the month of May. 31 General Journal adjusting entry to record deprecia to record depreciation of the computer Requirement 7 P rethe May 31 General Journal adjusting entry to record degree for the month of May to record depreciation of the office building Requirement 8 Hoe prepares financial statements monthly. Assuming that these are Ace's only two ters of Property Plant & Equipment, what would be the amount of Depreciation Expense on AS May Income Statement