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Data Company OAD purchases an amusement facility on June 1, 2021. The material and engineering costs amount to $34,500,000, fees and permits total $6,300,000, and
Data Company OAD purchases an amusement facility on June 1, 2021. The material and engineering costs amount to $34,500,000, fees and permits total $6,300,000, and taxes are 1,200,000 to build the facility. The facility is expected to last 30 years or 600 games. The residual value of the facility will be $12,000,000 at the end of its useful life. The estimated game use for the first three years is: 4 games in 2021, 10 games in 2022, and 20 games in 2023. 1.) What is the total estimated life of the Amusement Facility in years? years 2.) How many months did the company own the facility in 2021? months 3.) What is the depreciation expense on the facility as of December 31, 2021? Round to whole dollars. $ 4.) What is the depreciation expense on the facility as of December 31, 2022? $ 5.) What is the depreciation expense on the facility as of December 31, 2023? $ 6.) The journal entry to record the depreciation on the facility will include a debit to and a credit to
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