Current Attempt in Progress

Sunland Ice Fishing Limited purchased ice fishing huts on December $1,2023,$ for $$119,000$ cash. At that time, the huts were estimated to have a useful life of $10$ years and a residual value of $$25,000.$ The huts were disposed of on July $31,2026.$ Sunland uses the doublediminishing$-$balance method at two times the straight$-$line depreciation rate, has a March $31$ year end, and makes adjusting entries annually.

$($a$)$ amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Round answers to $0$ decimal places, eg$.5\mathrm{.}275.)$

They were sold for $$82,600.$

They were sold for $$42,600.$

They were retired for no proceeds.

No$.$ Date Account Titles and Explanation

July $31$

Depreciation Expertos

Accumulated Depreciation $-$ Buildings

$($To record depreciation on buildings disposed$)$

$(1.)$ July $31$

Debit

Credit

Credit

$82600$

Acournulated Depreciation$-$Buildires

Buildines:

$119000$